KKR secures over one-third of Fuji Soft after first stage of tender offer, says source (updated)

Fuji Soft

06/11/2024 04:08

(Adds more comments from source and background, in paragraphs 3
to 6)
       TOKYO, Nov 6 (Reuters) - Private equity firm KKR  KKR.N 
has secured more than one-third of the shares in Japanese
software developer Fuji Soft  9749.T  after the first part of
its two-stage buyout tender offer, a person familiar with the
matter said on Wednesday.
    The person did not state the exact share of Fuji Soft's
shares KKR secured and asked not to be identified because the
result has not yet been publicly disclosed.
    Although private equity rival Bain Capital had proposed a
higher offer in October to take the company private, the source
said KKR now owns enough Fuji Soft shares that it would be able
to block any Bain privatisation bid.
    Investors 3D Investment Partners and Farallon Capital, who
collectively own 32.7% of Fuji Soft's shares, had previously
agreed to tender their shares to KKR at a price of 8,800 yen per
share. 
    Bain said it would only launch its 9,450 yen per share bid
with company management approval, which it has yet to receive.
    KKR has said it will launch the second stage of its tender
offer - also at 8,800 yen per share - as soon as practical after
the first offer has completed.

 (Reporting by Anton Bridge; Editing by Muralikumar
Anantharaman)
 ((Anton.Bridge@thomsonreuters.com;))