The decision could mark the end of an intense bidding war between the two buyout firms.

Bain stated it is “carefully considering its future policy,” including the possibility of pulling its tender offer. The firm had pushed forward with its bid despite Fuji Soft’s board rejecting the proposal, an unusual move in Japan. Bain argued that the board’s response reflected “strong concerns and distrust,” which it claimed could harm minority shareholders.

However, KKR increased its bid last week to JPY9,850 ($64.88) per share, exceeding Bain’s December offer of JPY9,600 per share. This raised the stakes for Bain, which had originally planned to launch its tender offer in early February.

KKR already holds a 33.97% stake in Fuji Soft after securing shares from activist investors 3D Investment Partners and Farallon Capital in the first stage of its acquisition bid. Meanwhile, Bain has yet to formally launch a tender offer but has support from Fuji Soft’s founding family.

Fuji Soft’s shares closed at JPY9,960 on Monday, down 0.2%.

Source: Reuters

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