KKR-Bain Bidding War Sends Fuji Soft Stock Soaring Above Offers
- Bain’s $4.1 billion surprise offer spurs bidding war hopes
- Activist investors testing Japan’s appetite for overseas M&A
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Fuji Soft Inc.’s stock surged to above the price offered in Bain Capital’s surprise ¥600 billion ($4.1 billion) buyout bid, signaling expectations for a rare Japan bidding war with KKR & Co.
Bain’s offer threatens to derail an acquisition agreement between the Yokohama-based software company and KKR last month. Bain has now submitted a non-binding proposal to take over Fuji Soft for 5% more than KKR’s original offer of ¥8,800 a share, the companies said in separate statements. That works out to about ¥9,200 to ¥9,300 per share, the Nikkei first reported. Fuji Soft said Tuesday it will consider any legally binding proposal it gets.