Reuters Tokyo – Japanese equity fund Unison Capital said on Monday it has raised its planned offer for shares in wig maker Aderans Holdings by 20 percent to 1,200 yen per share.

Unsion Capital and Aderans are locked in a battle with U.S. hedge fund Steel Partners for shareholder votes at Aderans’ annual meeting scheduled for Thursday.

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Reuters – U.S. hedge fund Steel Partners said it has urged shareholders of loss-making wig maker Aderans Holdings to reject an offer by Japanese private equity fund Unison Capital to buy Aderans shares.

Japan’s Aderans said last month it supported Unison Capital’s bid for at least a 35 percent stake in Aderans to replace top shareholder Steel Partners, which has been pushing for management changes.

Unison Capital’s proposed offer is "inadequate and coercive", Steel Partners said in a statement on Monday.

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Tags: aderans, hedge fund, japan, management changes, percent-stake, private equity fund, reuters, shareholder, shareholders, steel partners, unison, wig-maker