Bain makes binding offer for Fuji Soft, 7% higher than rival KKR
U.S. buyout fund Bain Capital made a binding offer to buy Fuji Soft for 9,450 yen a share in a deal that values the Japanese software developer at $4 billion and outbids rival KKR by about 7 per cent.
Bain Capital made a binding offer to acquire Fuji Soft for 9,450 yen per share, valuing the company at $4 billion, outbidding KKR by 7%. Fuji Soft's board recommended KKR's offer, while Bain plans to proceed if approved.
Bain said in a statement on Friday it planned to launch the offer late this month if it can get Fuji Soft's backing. Bain and KKR have been engaged in a rare showdown to take over the Yokohama-based informational technology firm, which has been at odds with some of its major shareholders.
KKR last month brought forward the start of its tender offer by about a week at the unchanged price of 8,800 yen, and said it would conduct the tender offer in two stages. Fuji Soft has
"KKR has a demonstrated track record of collaborating with management teams and employees and unlocking growth for Japanese companies, which contributed to the reasons the board of Fuji Soft has twice recommended and supported our offer," a KKR spokesperson said in an emailed statement.
Shares in Fuji Soft closed at 9,000 yen on Friday.
Source: www.channelnewsasia.com
