OSAKA (Kyodo) Hankyu Holdings Inc. on Friday defended its tender offer price of 930 yen per share for Hanshin Electric Railway Co. as fair and reasonable.

In a revised report on the tender filed with the Finance Ministry’s Kanto Local Finance Bureau, Hankyu said the price is based on a theoretical range of 805 yen to 1,036 yen as estimated by a third party and the two companies’ earnings projections and stock prices.

Hankyu filed the revised report as market players raised concerns that Hanshin was being overvalued and that the cost to Hankyu was depressing its stock price, a Hankyu official said.

In April, Hankyu agreed to purchase Hanshin after the so-called Murakami fund acquired about 47 percent of Hanshin and demanded reforms to management.

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