Japanese activist shareholder Yoshiaki Murakami’s Minami Aoyama Real Estate offered JPY750 ($6.78m) per share, which values Kosaido at JPY18.7bn ($167m). Minami Aoyama and another Murakami fund, Reno, together own nearly 13.5% stake in Kosaido. Earlier this month, Bain-backed management buyout failed after not getting enough support from shareholders at a revised JPY700 ($6.33) per share, which implied a target value of $157m. Bain initially offered JPY610 ($5.51) per share but later sweetened that.