08:07 AM EDT, 10/18/2024 (MT Newswires) -- (Updates with comment from Bain Capital in the sixth paragraph.)

KKR's (KKR) rival in the takeover of Fuji Soft, Bain Capital, won the support of the Japanese software developer's founder and major shareholder Hiroshi Nozawa, multiple news outlets reported Friday, citing Nozawa's letter to the company.

Bain made a binding offer last week to acquire Fuji Soft for 9,450 yen ($63) per share, valuing the company at $4 billion and outbidding KKR by about 7%, according to the reports.

Fuji Soft said in a Tuesday filing that it was not conducting any discussions with Bain Capital and that its board has recommended that shareholders accept KKR's tender offer of 8,800 yen per share.

In the Thursday letter, Nozawa urged Fuji Soft to withdraw its recommendation favoring KKR as Bain's offer was superior, the reports said.

"It is obvious that Bain Capital's purchase price, which is higher than KKR's purchase price, is in the common interest of shareholders," Nozawa said in the letter, according to Reuters.

Bain Capital said in an emailed response to MT Newswires that it "continues to support Fuji Soft as a white knight to the management and founder of the company."

KKR did not immediately respond to MT Newswires' request for comment, while Fuji Soft could not be immediately reached.

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