Bain Capital and KKR's battle for Fuji Soft heats up as Bain goes hostile [Globe and Mail, The (Toronto, Canada)]
KKR & Co. Inc. (KKR)
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Source: Globe and Mail, The
The estimated $2-billion bid for just under half of the Japanese IT firm's shares likely portends a rare hostile tussle between the two global private equity giants. Bain last week offered 9,600 yen per share, 1.6 per cent more than KKR KKR-N decrease has done. KKR, which has the backing of the Fuji Soft board, secured 33.9 per cent in a first-round tender that managed to dodge an earlier bid from Bain that was at the time higher than its own. Bain, however, has the backing of Fuji Soft founder and major shareholder Hiroshi Nozawa. He and other family members hold a combined 18.6 per cent stake and a Bain-Nozawa combination could result in them controlling two-thirds of the company. “Bain don't have management's approval so it's a hostile offer, but they see themselves as a white knight,” said Travis Lundy of Quiddity Advisors. Nozawa called Bain a white knight in a letter of support made public in October. Fuji Soft's board this week reaffirmed its support for the second
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