American investment company Bain Capital has made a Y600bn ($4.1bn) counter-offer to acquire Japanese systems developer Fuji Soft, surpassing a previous bid from KKR, reported Nikkei Asia.
Fuji Soft is Tokyo, Japan based firm, which specialises in embedded and operational software systems.
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KKR had previously announced its intention to acquire all outstanding shares of Fuji Soft at Y8,800 per share, amounting to approximately Y560bn.
Fuji Soft’s management had expressed support for KKR’s acquisition proposal.
Bain Capital’s bid proposes a purchase price in the range of Y9,200 to Y9,300 per share, approximately 5% higher than that of KKR’s offer.
It is seeking to advance the takeover after gaining approval from Fuji Soft’s management.
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By GlobalDataFuji Soft operates as a system integrator in Japan, providing services to various industries with a workforce of over 10,000 system engineers.
The company’s “Mid-Term Business Plan 2028” aims to establish it as a leader in both IT and operational technology sectors.
Its five-year strategy includes enhancing the profitability of its core businesses, reinforcing group synergies, and exploring new growth avenues.
However, Fuji Soft’s management has faced disagreements with some key shareholders, such as 3D Investment Partners, regarding the review of takeover proposals, reported Reuters.
In March, 3D Investment Partners, holding a 21% stake in Fuji Soft, suggested the appointment of an external auditor to impartially assess multiple acquisition offers from global private equity firms.
Neither Bain Capital nor Fuji Soft has commented on the recent counter-offer report.
In July 2024, Bain Capital agreed to acquire financial software provider Envestnet in a $4.5bn transaction, supported by investors including BlackRock and Fidelity Investments.
Envestnet, based in Berwyn, Pennsylvania, supplies software to wealth managers and financial data to institutions and research firms.
Last August, Bain Capital reached an agreement with Chindata Group Holdings to acquire the hyperscale data centre solutions provider and make it a privately held company in a $3.16bn transaction.
