TOKYO (Reuters) – Private equity firm KKR has acquired a 35% stake in Japanese software developer Fuji Soft following the first part of its two-phase takeover bid, the latter said in a statement on Wednesday.
Although rival Bain Capital had made a higher bid to take the Japanese company private in October, KKR now owns enough Fuji Soft shares to block Bain’s privatization bid, a source familiar with the matter told Reuters.
Investors 3D Investment Partners and Farallon Capital, which jointly own a 32.7% stake in Fuji Soft, had previously agreed to offer their shares to KKR at a price of 8,800 yen per share.
Bain has said it would launch its offer of 9,450 yen per share only with approval from Fuji Soft’s management, which it has yet to receive.
Fuji Soft’s share price has generally moved within a narrow range between the two bid prices since August, closing at 9,200 yen on Wednesday.
Bain was not available for comment on the outcome of KKR’s tender.
KKR said it will launch the second phase of its offer in mid-November, also at 8,800 yen per share.
