(Bloomberg) — KKR & Co. is moving up the start of its tender offer for Fuji Soft Inc. to Sept. 5, seeking to preempt a competing bid from private equity rival Bain Capital.
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KKR is speeding up its planned buyout for the Yokohama-based software company from the originally scheduled mid-September start, according to people familiar with the matter, who asked not to be named as the discussions are private.
The move follows Bain’s submission of a non-binding proposal to buy out Fuji Soft for 5% more than KKR’s offer of ¥8,800 a share, or around ¥9,200 to ¥9,300 per share. Fuji Soft’s share price surged beyond the offer prices, jumping 7.4% to a record high ¥9,630 Wednesday in Tokyo.
KKR-Bain Bidding War Sends Fuji Soft Stock Soaring Above Offers
Bain has said that it plans to submit a legally-binding proposal as early as October to launch a possible take-private buyout in November. KKR’s new accelerated buyout schedule increases the chances that the takeover will be completed even before Bain makes that formal bid.
A representative of Fuji Soft did not immediately respond to a request for comment. A representative of KKR declined to comment.
In August, Fuji Soft had said it agreed to a buyout by KKR, even though it had received an offer with a higher price, because it judged KKR’s offer was legally binding and certain to occur.
–With assistance from Lisa Du.
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