Tokyo (Reuters)

U.S. buyout fund Bain Capital announced on Tuesday a counter-offer to acquire Fuji Soft, a Japanese software developer, estimated at approximately 600 billion yen ($4.1 billion). This bid surpasses a rival proposal made by KKR.

Bain’s counter-offer stands at about 5% higher than KKR’s previous tender offer of 8,800 yen per share from last month. As of Tuesday’s market close, Fuj Soft’s stock was listed at 8,970 yen.

The management of Fuji Soft has faced opposition from some major shareholders, notably 3D Investment Partners, based in Singapore.

In a separate statement, Fuji Soft confirmed it received a non-binding offer from Bain in July and stated that its board would review any legally binding proposals.

Back in March, 3D, which holds about 21% of Fuji Soft’s shares, advocated for the appointment of an outside auditor to ensure a fair assessment of the various takeover offers from private equity firms.

($1 = 146.3900 yen)