Brother made its hostile bid in March, offering a price of ¥5,200 (£26.60) per share, 3.3% higher than the MBO team’s initial proposal of ¥5,035.

XYZ KK, the management team’s takeover vehicle, has now upped its offer to ¥5,370 per share.

The tender offer period has been extended to 15 May as a result.

Shares in Roland DG Corporation were trading at ¥5,490 at the end of last week (52-week high: ¥5,580, low: ¥3,210).

At the time of writing Brother Industries had not responded to XYZ’s increased offer.

The group previously stated that it wanted to maximise Roland DG’s corporate value “by combining our strengths in inkjet heads and inks with Roland DG’s strength in the industrial printer field”.

Brother owns Domino Printing Sciences and is a much bigger business than Roland DG, with sales of more than ¥815bn.

Roland DG’s turnover was ¥54bn in its most recent financial year.

Both firms are listed on the Tokyo Stock Exchange.