KKR secures over one-third of Fuji Soft after first stage of tender offer, says source
Updates with details from statement
TOKYO, Nov 6 (Reuters) -Private equity firm KKR KKR.N has acquired a35% stake in Japanese software developer Fuji Soft 9749.T after the first part of its two-stage buyout tender offer, the latter saidin a statement on Wednesday.
Although rival Bain Capital had proposed a higher offer in October to take the Japanese company private, KKR now owns enough Fuji Soft shares to beable to block Bain's bid, a source familiar with the matter told Reuters.
Investors 3D Investment Partners and Farallon Capital, who collectively own a 32.7% stake in FujiSoft, had previously agreed to tender their shares to KKR at a price of 8,800 yen per share.
Bain has said it would only launch its 9,450 yen per share bid with approval from Fuji Soft's management, which it has yet to receive.
Bain was not available for comment on the outcome of KKR's tender.
KKR said it will launch the second stage of its tender offer - also at 8,800 yen per share - in mid-November.
Reporting by Anton Bridge and Kane Wu; Editing by Muralikumar Anantharaman and Sonia Cheema
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
