TOKYO, Dec 19 (Reuters) - The founding family of
Japanese IT firm Fuji Soft on Wednesday reiterated its
support for a takeover bid by private equity firm Bain Capital
that is opposed by Fuji Soft's board, it said in a statement
jointly released with Bain.
Amid a bidding war with rival private equity giant KKR
, Bain last week offered 9,600 yen per share, 1.6% more
than KKR's 9,451 yen bid, and on Wednesday went hostile after
Fuji Soft's board rejected the higher offer and supported KKR's.
Fuji Soft founder Hiroshi Nozawa joined Bain in questioning
the independence of the special committee set up by the board to
scrutinise the bid, saying he had "strong concern and distrust
regarding the process of selecting the members".
The special committee had "lost sight of the purpose of the
special committee," Nozawa and Bain said, adding that they had
"no intention to be hostile towards the executives and
management of Fuji Soft".
Fuji Soft declined to comment on the release. KKR was not
immediately available for comment.
Nozawa, who together with family members owns 18.6% of Fuji
Soft's shares, came out in support of Bain's bid in October and
at the time denounced the way the privatisation process had been
conducted.
KKR, which has the backing of the Fuji Soft board, secured
33.9% of the company's shares in a first-round tender that
managed to dodge an earlier bid from Bain that was at the time
higher than its own.
Fuji Soft rejected Bain's offer on the grounds that two
large shareholders would hamper management decision making and
Bain's tender offer would not conclude for three months.
Through its tender, Bain is aiming to acquire 50.1% of Fuji
Soft's shares - including the Nozawa family's stakes - and would
"manage the business in a way that respects the current
executives and management team," it said.