Bain had previously maintained its bid despite resistance from Fuji Soft’s board, arguing that its offer was in the best interests of minority shareholders. However, KKR’s move earlier this month to raise its bid to 9,850 yen ($65) per share, up from 9,451 yen, surpassed Bain’s December offer of 9,600 yen, forcing the firm to reconsider its position.

In a statement on its website, Bain Capital expressed its hope for Fuji Soft’s continued growth under its new governance structure led by KKR. The bidding war highlights the intensifying competition among global private equity firms in Japan, where investment firms are increasingly targeting companies perceived to have underutilised assets or weak corporate governance.

Fuji Soft, a Yokohama-based software and systems developer with a valuation exceeding $4bn, was trading at KKR’s offered price of 9,850 yen per share on Monday morning. The outcome marks another significant deal in Japan’s evolving private equity landscape, reinforcing the country’s appeal to international investors.