Bain Capital ends acquisition battle with KKR for Fuji Soft (updated)
17/02/2025 03:14
(Adds Bain Capital statement and background in paragraphs 2-8)
TOKYO, Feb 17 (Reuters) - U.S. private equity firm Bain
Capital said on Monday it will not launch a tender offer for
Fuji Soft 9749.T , formally ending a takeover battle with rival
KKR KKR.N for the Japanese IT company.
Bain had said last week it might withdraw its proposal for
Fuji Soft, after KKR raised its offer above Bain's in a
months-long bidding war.
Previously, Bain had been waging the takeover battle even
with rejection from Fuji Soft's board, arguing the rejection
harmed the interests of minority shareholders.
However, KKR raised its offer price earlier this month to
9,850 yen ($65) per share from 9,451 yen, above Bain's most
recent offer of 9,600 yen made in December.
Bain Capital said it wishes "for the continued growth of the
target company under the renewed governance led by the new
shareholders", in a statement on its website on Monday.
The saga epitomised an increasingly competitive dealmaking
environment in Japan, as global investment firms target Japanese
companies that are seen as having underutilised assets or
ineffective corporate governance.
Shares of Fuji Soft, the Yokohama-based software and systems
developer valued at more than $4 billion, were traded at the
KKR-offered price of 9,850 yen on Monday morning.
($1 = 151.6100 yen)
(Reporting by Kantaro Komiya
Editing by Chang-Ran Kim and Muralikumar Anantharaman)
((kantaro.komiya@thomsonreuters.com; X: @kantarokomiya;))