(KAIR)--A Japanese company is named as the new owner of Bradken Ltd.

The Wall Street Journal reports that the Australian manufacturer accepted an offer from Hitachi Construction Machinery.

The offer from the construction and mining-machinery supplier is valued at $527.4 million in United States dollars.

The amount was disclosed in a statement issued by Hitachi Construction to the Australian stock exchange Monday.

Bradken's Board of Directors unanimously recommended that shareholders vote to accept the deal.

According to the newspaper, the offer is conditional on Hitachi Construction securing more than 50% of Bradken’s shares and relevant regulatory approvals.

The Board's decision came in what the paper calls “the absence of a superior bid,” and follows an independent expert finding that the offer was fair.

Among Bradken's U.S. operations is the foundry located in Atchison.