Bain and KKR battle for Fuji Soft heats up as Bain goes hostile
Bain Capital said on Wednesday it plans to launch a tender offer for Fuji Soft shares even without the backing of the Japanese firm's board should a second-round bid from rival suitor KKR fail.
The estimated $2 billion bid for just under half of the Japanese IT firm's shares likely portends a rare hostile tussle between the two global private equity giants.
Bain last week offered 9,600 yen per share, 1.6% more than KKR has done. KKR, which has the backing of the Fuji Soft board, secured 33.9% in a first-round tender that managed to dodge an earlier bid from Bain that was at the time higher than its own.
Bain, however, has the backing of Fuji Soft founder and major shareholder Hiroshi Nozawa. He and other family members hold a combined 18.6% stake and a Bain-Nozawa combination could result in them controlling two-thirds of the company.
«Bain don't have management's approval so it's a hostile offer, but they see themselves as a white knight,» said Travis Lundy of Quiddity Advisors.
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