Bain Capital, a US buyout fund, offered to acquire Nichii Gakkan, a healthcare services provider for $1.2bn. Bain Capital's deal would see the group’s shares delisted from the Tokyo Stock Exchange, with an agreement already in place to buy a 44% stake held by the surviving relatives of the group’s late founder and the family’s asset management group. On August 17, Baring Private Equity, a Hong Kong-based buyout firm, made a $1.4bn counterbid for Nichii Gakkan, beating Bain Capital's $1.2bn offer to which Nichii agreed previously. On August 18, despite a larger bid from Baring, Bain Capital has clinched its $1.2bn deal.