Japan’s Fuji Soft board has reportedly decided to accept a bid from equity fund KKR & Co. Inc. ( KKR ) instead of Bain Capital.

Fuji Soft’s board has chosen to proceed with KKR’s 558.4 billion yen ($3.72 billion) buyout offer despite receiving a higher bid from Bain, reported Reuters, citing the Nikkei newspaper.

The board will announce its stance on Bain’s offer later, the report mentioned.

Earlier, there were reports that Bain Capital’s bid to acquire Fuji Soft was approximately 600 billion yen, surpassing KKR’s offer.

Fuji Soft is a system integrator in Japan with a focus on embedded, control, and operational software and systems.

KKR’s 8,800 yen bid represented a 110.3% premium over the simple average closing price of Fuji Soft’s stock for the 12 months up to October 2, 2023.

KKR had said that Japan continues to be an important market in the Asia Pacific region and globally.

Since entering the Japanese market in 2006, KKR has deployed more than $8 billion in Japan across asset classes and strategies, and currently manages $18 billion in assets under management in the country, per the company’s statement on August 8.

Meanwhile, Fuji Soft founder Hiroshi Nozawa urged support for Bain Capital’s 9,450 yen offer, which is higher than KKR’s 8,800 yen bid, despite the board backing KKR, reported Nippon.

Investors can gain exposure to the stock via FM Focus Equity ETF ( FMCX ) and EA Series Trust WHITEWOLF Publicly Listed Private Equity ETF .

Price Action: KKR shares are trading higher by 0.25% at $138.20 premarket at the last check Friday.