03:25 AM EST, 12/19/2024 (MT Newswires) -- (Updates with response from Fuji Soft in the last paragraph.)

KKR's (KKR) bid to acquire and take private Fuji Soft is being challenged by a hostile takeover bid by Bain Capital, according to a presentation dated Tuesday and Wednesday by Bain.

Bain described the actions of Fuji's board as flawed. "We firmly believe that if a fair process led by Fuji Soft had been initiated at that time of our proposal, the best partner for Fuji Soft could have been selected transparently and fairly, without causing unnecessary confusion to shareholders and other stakeholders," the presentation said.

Bain made a bid to buy shares of the Japanese software company for 9,600 Japanese yen ($63.46) per share without support from the company's board after Fuji Soft rejected its offer in favor of KKR's.

"This competitive pricing underscores Bain Capital's dedication to delivering maximum value to shareholders," Bain said.

KKR already owns about a third of Fuji Soft, according to news reports.

Fuji Soft declined to comment. KKR did not respond to MT Newswires' request for comment.