From Financial Modeling Prep: 2025-02-20 02:46:57

KKR emerges victorious in a fierce bidding war with Bain Capital for a 57.92% stake in Fuji Soft, securing the deal with a final bid of ¥9,850 per share. Bain withdraws its takeover proposal after an intense battle. The saga highlights Japan’s booming M&A market, with private equity firms eyeing corporate reforms and shareholder value enhancement.

The battle began in August 2023 when KKR launched its initial bid, followed by Bain’s higher offer in October backed by Fuji Soft’s founder. Bain’s hostile bid in December challenged the board’s support for KKR, leading to KKR’s ultimate triumph in February 2024, forcing Bain to withdraw.

The legal and governance tensions between the two firms included criticism from Bain towards Fuji Soft’s board for lack of transparency and concerns about governance. KKR threatened legal action after Bain allegedly refused to dispose of confidential due diligence data. KKR’s win positions it as a key player in Japan’s corporate restructuring wave, potentially increasing scrutiny on M&A processes and boardroom governance in the country.



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