Tokyo Private Equity Firm Ends Takeover Battle for Fuji Soft
Bain Capital withdraws tender offer, giving KKR the upper hand in a months-long bidding war.
Tokyo, Japan - Bain Capital, a U.S. private equity firm, has officially withdrawn its tender offer for Fuji Soft, a Japanese IT company. This move marks the end of a competitive takeover battle with rival firm KKR.
In a statement released on Monday, Bain Capital stated that it would no longer pursue a takeover of Fuji Soft. This decision was made after KKR raised its offer price above Bain's most recent bid.
The saga highlights the increasingly competitive dealmaking environment in Japan, with global investment firms targeting Japanese companies viewed as having undervalued assets or weak corporate governance.
Shares of Fuji Soft, previously valued at over $4 billion, were trading at the KKR-offered price of 9,850 yen ($65) per share on Monday morning.