05:55 AM EDT, 09/04/2024 (MT Newswires) -- (Updates to add a response from Bain Capital in the last paragraph, and a statement from Fuji Soft in the fourth and fifth paragraphs.)

KKR's (KKR) planned tender offer to buy Japanese systems developer Fuji Soft may be derailed by Bain Capital's counteroffer of around 600 billion Japanese yen ($4.11 billion), media reports said Tuesday.

KKR said in August that it planned to make a tender offer to acquire all outstanding equity of Fuji Soft for 8,800 yen per share, or a total of 560 billion yen.

Bain Capital is proposing around 9,200 to 9,300 yen per share, 5% more than KKR's offer, and intends to proceed with the acquisition bid once Fuji Soft approves it, reports said.

Fuji Soft confirmed in a statement to MT Newswires that it received in late July a non-binding takeover proposal from Bain Capital, without sharing financial details, but it is unclear whether the hedge fund will submit a legally binding one. The company added that its support for the KKR acquisition remains unchanged.

In a disclosure regarding KKR's planned tender offer on Aug. 8, Fuji Soft said it had decided that a third-party privatization proposal that "exceeded" KKR's tender offer was less feasible due to "doubts about the certainty of financing," among other reasons. The Japanese software company said in its latest statement that this third party was Bain Capital.

Bain Capital turned down MT Newswires' request for comment.

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