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Carlyle raises offer to buy Japan Asia Group to $463 mln, tops planned bid by activist fund

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TOKYO, Jan 26 (Reuters) - Carlyle Group said on Tuesday it would increase its offer for energy and environment services firm Japan Asia Group (JAG) to 48 billion yen ($462.52 million), doubling the per share element and topping the value of a bid an activist fund has said it's lining up.

The global fund, in conjunction with JAG's Chairman and Chief Executive Officer Tetsuo Yamashita, is now offering to pay 1,200 yen per share, double the original terms of a management buyout launched last November, along with a cash payment. Previously the bid valued the target at 37 billion yen.

JAG shares surged 7.2% to 940 yen on Tuesday. The announcement was made after the market closed.

The Carlyle move comes after a Japanese fund backed by veteran investor Yoshiaki Murakami said this month it would make offer 840 yen per share for JAG, saying the price offered by Carlyle was cheap.

Carlyle also said it would extend the tender offer period to Feb. 9 from Jan. 28. It also said the revised terms were final.

($1 = 103.7800 yen)

(Reporting by Junko Fujita; Editing by Kenneth Maxwell)