TOKYO : U.S. private equity firm Bain Capital said it may withdraw its tender offer proposal for Japanese IT firm Fuji Soft, after rival suitor KKR raised its offer above Bain’s in a protracted bidding war.
Bain Capital “is carefully considering its future policy, including the option of withdrawing” the proposal, it said in a statement on Monday.
KKR last week raised its offer price to 9,850 yen ($64.88) per share from 9,451 yen per share, above Bain’s most recent offer of 9,600 yen per share in December.
Fuji Soft shares ended down 0.2 per cent at 9,960 yen on Monday. The Tokyo stock market is closed on Tuesday due to a public holiday.
KKR currently has a 33.97 per cent stake in Fuji Soft following the first stage of a two-part bid in which two activist investors – 3D Investment Partners and Farallon Capital – agreed to tender their shares to KKR.
Bain, which is supported by Fuji Soft’s founding family, has yet to launch a tender offer.
($1 = 151.8200 yen)
