KKR outmanoeuvres Bain in $4 bln Japan showdown
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
By Anshuman Daga
SINGAPORE, Sept 20 (Reuters Breakingviews) -The two buyout giants are tussling over IT specialist Fuji Soft after Bain dangled a potentially higher offer. But KKR has found a clever way to put itself ahead without raising its price. Future buyers should take note: in a hot market like Japan, creative tactics will be needed.
Full view will be published shortly.
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CONTEXT NEWS
KKR said on Sept 19. it has amended its $3.9 billion takeover bid for Japanese IT software specialist Fuji Soft by dropping a minimum acceptance limit and switching to a two-stage tender offer.
The buyout firm has already secured a near-33% stake in the target after Singapore-based activist 3D Investment and Farallon tendered their shares.
Fuji Soft's shares fell 3.3% to 9,040 yen on Sept. 20, just above the 8,800 yen per share tender offer from KKR.
Bain Capital said on Sept. 3 that it intends to submit a legally binding proposal in October to buy the company upon securing the backing of the target firm.
Editing by Robyn Mak and Ujjaini Dutta
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