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By Anton Bridge
He said on Tuesday that Tokyo (Reuters) -The stock company will raise the stock of Japanese Information Technology Fuji Soft with more than 4 % to take it over a competitor from Bin Capital.
This is the latest Salvo in a lengthy bidding war that started in August last year, as KKR and Bain are competing to buy Fuji Soft in bid bids for a value of up to two billion dollars.
KKR raised its price to 9,850 yen ($ 63.44) per share from 9,451 yen per share, and took it over the Bain offer of 9,600 yen ($ 61.82) per share.
KKR currently has a 33.97 % stake in Fuji Soft after the first phase of the two -part offer where two activists – 3D investment partners and FARALON CAPITAL – agreed to offer their shares to KKR.
But KKR failed to secure the majority due to the high Bain offer and because the Fuji Soft share price has been constantly circulated over the KKR offer.
KKR repeatedly extended the bid period, with the last of which is scheduled to end on Friday.
Fuji Soft shares increased by 1.79 % to 9,975 yen in the afternoon trade early, above both bids.
The Bain, supported by the Fuji Soft Family, has not released the offer of the tender so far, after I said it would wait for KKR to fail or withdraw.
Bain was not immediately available to comment on the upper KKR offer. Fuji softly refused to comment.
KKR initially showed 8800 yen share for Fuji Soft last August. Bain announced its offer, at 9,450 yen per share, the following month, prompting KKR to raise its offer to 9451 yen share. It has maintained the offer price despite the Bain’s offer to 9,600 yen increased.
($ 1 = 155.2800 yen)
(Participated in Anton Bridge reports, participated in additional reports from Kantaro Komiya and Kane Wu; Liberation by Chang-Ran Kim and Kate Mayberry)
