Fuji Soft Sticks With KKR Despite Higher Takeover Offer From Bain
- Software company is object of rare takeover battle in Japan
- Board’s endorsement of KKR pits it against company’s founder
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Fuji Soft Inc. is standing by KKR & Co.’s tender for its shares despite receiving a higher bid from Bain Capital that’s won the support of the Japanese software developer’s founder.
The Yokohama-based company held a board meeting on Friday and decided to recommend its shareholders accept the first phase of KKR’s tender offer through Monday, the firm said in a statement dated Oct. 18.