Blackstone said on Wednesday that it will launch a $3.5 billion tender offer for TechnoPro Holdings, the Japanese engineer staffing firm.

The world’s largest alternative asset manager is offering 507.4 billion yen or 4,870 yen per a share – a 17.4% premium to the share’s closing average for the past three months.

TechnoPro shares closed down 2% at 4,876 yen.

The Nikkei business daily reported the plan late on Tuesday, saying Blackstone (NYSE:BX) would offer a price below 4,900 yen.