Bain Capital Private Equity LP increased its bid for Japanese printing services company Kosaido Co. Ltd. to ¥700 per share from ¥610 per share, valuing the firm at about US$157 million, DealStreetAsia reported, citing a stock exchange filing.

The private equity firm made the offer for Kosaido's 24,913,439 shares in January, through its KK BCJ-34 subsidiary.

If the bidder receives at least 90% of the total voting rights of Kosaido, it will demand the sale of the remaining shares, the news outlet noted. In case it fails to reach the mark, it will be required to propose a reverse stock split whereby the ratio at which the number of shares held by stockholders, excluding the bidder, will be under 1 share.

As of March 8, US$1 was equivalent to ¥111.15.