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KKR & Co. raised its offer for Hitachi Kokusai Electric Inc. a second time after a rally in the shares of the chip-systems maker spurred many investors, including Elliott Management Corp., to seek a higher price from the buyout firm.

The New York-based private-equity company increased its October bid by 8 percent to ¥3,132 a share Friday, compared with its last closing price of ¥3,290. The latest development values the target at about $3 billion.

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