Siem Industries and Topcon Corporation on Friday said that they will top Hexagon's bid for Norwegian satellite positioning system company Veripos.

Veripos provides positioning systems for offshore oil firms. Siem is an industrial holding company and Veripos' largest shareholder, while Topcon is an optical equipment manufacturer based in Japan. Hexagon AB is a Swedish global technology group. 

In a report by Reuters, Siem and Topcon said that they would offer Veripos NOR30 (USD4.85) in cash for each share. This would give Veripos a market capitalization of NOK1 billion (USD162 million).

Last month, measurement technology company Hexagon made an offer of NOK28 per Veripos share, the report said.

According to Reuters, Veripos shares have consistently traded above NOK28 when Hexagon made its bid. Veripos shares soared 7.9% to NOK31.3 on Friday. 

Siem and Topcon stated that their offer would be unconditional. Veripos will remain as an independent entity for the benefit of its shareholders, they said in a statement released to Reuters.