The Carlyle Group has dropped its offer to acquire energy company Japan Asia Group in a deal worth 48 billion yen (about $459 million) after Japanese activist fund City Index Eleventh topped its offer, Reuters reported. City Index, which owns 21% of JAG's shares, reportedly offered to buy the company for 1,210 yen per share, beating out Carlyle's bid to buy it for 1,200 yen per share.