KKR to raise Fuji Soft bid to 9,850 yen a share, above Bain’s offer

By Anton Bridge

TOKYO (Reuters) -U.S. non-public fairness agency KKR will elevate its provide worth for Japanese IT firm Fuji Delicate by greater than 4% to take it above a rival provide from Bain Capital, it stated on Tuesday.

It’s the newest salvo in a protracted bidding battle that started in August final yr, with KKR and Bain competing to purchase Fuji Delicate in tender provide bids price as a lot as $2 billion.

KKR raised its worth to 9,850 yen ($63.44) per share from 9,451 yen per share, taking it above Bain’s most up-to-date provide of 9,600 yen ($61.82) per share.

KKR at present has a 33.97% stake in Fuji Delicate following the primary stage of a two-part bid by which two activist buyers – 3D Funding Companions and Farallon Capital – agreed to tender their shares to KKR.

However KKR has didn’t safe a majority as a result of Bain’s increased provide and since Fuji Delicate’s share worth has persistently traded above KKR’s provide.

KKR has repeatedly prolonged its tender provide interval, with the newest as a result of finish on Friday.

Fuji Delicate’s shares had been up 1.79% at 9,975 yen in early afternoon commerce, above each tender gives.

Bain, which is supported by Fuji Delicate’s founding household, has not launched its tender provide bid but, having stated that it could await KKR’s bid to fail or be withdrawn.

Bain was not instantly out there for touch upon KKR’s increased bid. Fuji Delicate declined to remark.

KKR initially supplied 8,800 yen a share for Fuji Delicate final August. Bain introduced its bid, at 9,450 yen per share, the next month, prompting KKR to boost its provide to 9,451 yen a share. It had maintained its provide worth regardless of Bain rising its provide to 9,600 yen.

($1 = 155.2800 yen)

(Reporting by Anton Bridge, Further reporting by Kantaro Komiya and Kane Wu; Modifying by Chang-Ran Kim and Kate Mayberry)