Fuji Soft board supports KKR buyout offer, Nikkei reports (updated)
18/10/2024 09:55
(Adds background, details of two offers)
TOKYO, Oct 18 (Reuters) - The board of Japan's Fuji Soft
9749.T has decided to stick with a 558.4 billion yen ($3.72
billion) buyout offer from KKR KKR.N , the Nikkei newspaper
said on Friday, despite having received a higher counter-offer
from Bain.
The board is expected to announce its opinion on Bain's bid
at a later date, the Nikkei said.
The Yokohama-based IT company has become the focus of a
tug-of-war between KKR and Bain, two of the giants of global
private equity, both of which have been active in Japan for some
years.
A Fuji Soft spokesperson declined to comment. Spokespeople
for KKR and Bain were not immediately available for comment.
Fuji Soft's board in August came out in support of the KKR
bid. KKR also secured the backing of major shareholders 3D
Investment Partners (3DIP) and Farallon Capital, which together
hold 32.7% of Fuji Soft's shares.
A month later, Bain announced a counter offer that was 7%
higher. Last week, it confirmed the offer was binding,
contingent upon gaining the company's approval.
Fuji Soft's founder, Hiroshi Nozawa, on Thursday came out in
favour of Bain's bid, which he said was in the interest of
shareholders.
Nozawa and his family members together hold 18.5% of Fuji
Soft's shares.
KKR has offered 8,800 yen per share for company, while Bain
has offered 9,450.
($1 = 150.0600 yen)
(Reporting by Anton Bridge; editing by David Evans, David Dolan
and Shri Navaratnam)
((Anton.Bridge@thomsonreuters.com;))