KKR-backed Crosby Group to launch $438 mln tender offer for Japan's Kito

TOKYO, May 16 (Reuters) - KKR-backed Crosby Group, a U.S. lifting and rigging company, will launch a tender offer for all of Japanese hoists and cranes maker Kito Corp 6409.T for 56.48 billion yen ($438 million), the companies said on Monday.

The Crosby Group will offer 2,725 yen for each Kito share, they said, representing a 62% premium over its closing price of 1,680 yen on Monday.

($1 = 128.9800 yen)

(Reporting by Chang-Ran Kim; editing by Jason Neely)

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