Japan Aviation's current tender offer "does not represent the best interest" of shareholders of both companies, Curi RMB said in a statement, adding that it sees "potential conflict of interests between the management of JAE and NEC and minority shareholders."

NEC had received multiple buyout offers from global private equity funds for Japan Aviation before agreeing to sell back much of its 51% stake to the company at a discount, sources told Reuters earlier this month.

(Reporting by Kantaro Komiya; Editing by Leslie Adler)