Private equity firms Bain Capital LP and Carlyle Group LP have reached the second round of bidding for Hitachi Chemical Co. Ltd., Reuters reported, citing people with knowledge of the deal.
Hitachi Chemical makes materials for semiconductors, displays and lithium-ion batteries materials. It is 51.2% owned by Japanese conglomerate Hitachi Ltd., which has trimmed down the bidding pool for the company, the report noted.
Shortlisted bidders are asked to submit their offers by November, two of the four sources said. They are all looking to acquire the entire shares of the business, a separate source added.
Bain partnered with Tokyo-based investor Japan Industrial Partners Inc. in its bid, while Nitto Denko Corp., which manufactures materials for chips and automotive products, also passed the first round, the people said.
All of the companies declined to comment on the matter, according to the report.