KKR Emerges as Frontrunner to Acquire Japan’s Taiyo Holdings

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KKR has emerged as the frontrunner to acquire Japanese chemical manufacturer Taiyo Holdings, people familiar with the matter said.

The US alternative asset manager is the likeliest buyer ahead of other private equity rivals, according to the people, who asked to not be identified because the information isn’t public. KKR’s proposal is likely to be lower than the current share price, some of the people said.

Taiyo reversed earlier gains, dropping as much as 9.3% in Tokyo. That was the steepest intraday slump since August 2024. Still, the shares have surged almost 130% this year, giving the company a market value of about $3.5 billion. 

Taiyo and KKR are hammering out details of an offer that could materialize soon, the people said. Still, talks are ongoing and no final decisions have been made, the people said, adding that other bidders remain interested. A representative for KKR declined to comment, while Taiyo didn’t respond to a request for comment.

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