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KKR asks Fuji Soft to file injunction against Bain's 'breach of NDA'
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KKR asks Fuji Soft to file injunction against Bain's 'breach of NDA'
Jan 6, 2025 8:04 PM

TOKYO, Jan 7 (Reuters) - U.S. private equity fund KKR

said it has asked Fuji Soft to file for an

injuction in court to stop what it said was Bain Capital's

violation of a non-disclosure agreement (NDA) amid Bain and

KKR's acquisition battle for the software maker.

In a letter to Fuji Soft on Monday, KKR asked the Japanese

company to file an injunction to halt Bain Capital's "continued

breach of its non-disclosure agreement".

Bain on Tuesday said it has destroyed the confidential

information it had gathered as part of its due diligence process

but would continue with its tender offer.

Earlier in the day, Fuji Soft said it would consider the

appropriate response to KKR's injuction request.

KKR and Bain are trying to buy Fuji Soft in competing tender

offer bids worth as much as $2 billion.

The request by KKR ramps up the acrimony between two of the

biggest names in global private equity in their tug-of-war for

Fuji Soft.

It is rare for such a battle to unfold publicly in Japan - a

market where hostile bids have only become more common in recent

years and where most takeovers are still done on a friendly

basis.

New takeover guidelines introduced by the industry ministry

to spur corporate takeovers have begun to remove the long-held

stigma around unsolicited bids and encouraged lenders to finance

such proposals.

Fuji Soft's board has come out in support of KKR's lower bid

and demanded that Bain destroy the confidential information it

compiled during due diligence, but Bain proceeded with its bid,

now hostile, saying there was no reason for its higher offer to

be rejected.

Bain has said Fuji Soft is disregarding the interests of

shareholders and that it wanted to continue using the

information to launch its tender offer. Fuji Soft's founding

family has said it supports Bain's bid.

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