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North Holdings proposes two alternative offers for Finland's Caverion

(Reuters) - North Holdings, a consortium led by Bain Capital, on Tuesday made two alternative offers for Finnish construction systems provider Caverion, as it looks to counter a higher bid from Swedish venture capital group Triton.

The improved bid allows Caverion shareholders to choose between a debt instrument entitling to a fixed cash payment of 8.50 euros a share in nine months from the completion of the offer, or an immediate cash consideration of 8 euros per share.

The debt offer valued the company at 1.16 billion euros ($1.26 billion) and cash at 1.09 billion euros.

Triton's offer of 8 euros per share, or 1.09 billion euros, this month exceeded a bid of 7 euros announced in November by North Holdings.

Caverion said in a separate statement that its board maintains its recommendation for North Holdings' improved offer.

Earlier in January, Crayfish Bidco Oy, a company controlled by Triton, bought a 9.9% stake in Caverion.

($1 = 0.9190 euros)

(Reporting by Juby Babu in Bengaluru; Editing by Sriraj Kalluvila)