Bain reportedly plans counteroffer for Fuji Soft; shares gain

Fuji Soft Inc (TYO:9749) shares rose 7.5% during Asia’s Tuesday trading session despite the broader market selloff.

It was reported that Bain Capital indicated its intention to present a counteroffer that surpasses the existing bid by KKR & Co (NYSE:KKR). Bain is reportedly preparing to propose ¥9,300 per share for the acquisition of Fuji Soft, which stands higher than KKR’s offer of ¥8,800 per share made in July.

The development comes after reports by the Nikkei that Bain Capital’s offer is not only higher but also expected to be formalized into a legally binding proposal in October.

This move by Bain Capital signals a potential bidding war for the software company, as the offer aims to outdo the previous bid by a significant margin.

Fuji Soft responded to the emerging scenario by stating that any official offer from Bain Capital will be subjected to a thorough review by its special committee.

This committee is likely tasked with evaluating acquisition proposals to ensure the best interests of the company and its shareholders are served.

“While the reported price offered by Bain Capital is only around 5% higher than KKR’s offer price, we view the continuation of the process of realizing shareholder value as positive for the share price,” Citi analysts wrote in a note.