Fuji Soft is standing by KKR’s tender for its shares despite receiving a higher bid from Bain Capital that had 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.
Bain last week offered ¥9,450 ($63) a share for the company, compared with KKR’s ¥8,800 proposal, and said it would start its tender bid in late October if Fuji Soft expresses support for the move. Fuji Soft will continue to consider Bain’s "sincere” proposal, and the firm will release opinions on it at the start of the tender offer, according to the statement.
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