By Anton Bridge

TOKYO (Reuters)

The founding family of Japanese IT firm Fuji Soft on Wednesday reiterated its support for a takeover bid by private equity firm Bain Capital, which is opposed by Fuji Soft's board, as stated in a joint release with Bain.

Amid a bidding war with rival private equity giant KKR, Bain last week offered 9,600 yen per share, which is 1.6% more than KKR's bid of 9,451 yen. On Wednesday, Bain went hostile after Fuji Soft's board rejected the higher offer in favor of KKR's.

Fuji Soft's founder Hiroshi Nozawa joined Bain in questioning the independence of the board’s special committee scrutinizing the bid, expressing “strong concern and distrust regarding the member selection process.”

Nozawa and Bain stated that the special committee had “lost sight of its purpose” but emphasized no intention to be hostile towards Fuji Soft's executives and management.

Fuji Soft declined to comment. KKR was not immediately available for comment.

Nozawa, who along with family members owns 18.6% of Fuji Soft's shares, has supported Bain's bid since October, criticizing the privatization process.

KKR, backed by the Fuji Soft board, secured 33.9% of the company's shares in a first-round tender, avoiding an earlier higher bid from Bain.

Fuji Soft rejected Bain's offer, citing concerns that two large shareholders would hinder management decisions, and mentioned Bain's tender offer would take three months to conclude.

Through this tender, Bain aims to acquire 50.1% of Fuji Soft's shares— including the Nozawa family's holdings— and promises to “manage the business in a way that respects the current executives and management team.”