KKR Acquires 35% Stake in Fuji Soft

TOKYO (Reuters) – Private equity firm KKR has acquired a 35% stake in Japanese software developer Fuji Soft following the first part of its two-stage buyout tender offer, as announced in a statement on Wednesday.

Despite rival Bain Capital proposing a higher offer in October to take Fuji Soft private, KKR now holds enough shares to potentially block Bain's bid, according to a source familiar with the situation.

Investors 3D Investment Partners and Farallon Capital, who together own a 32.7% stake in Fuji Soft, have already agreed to tender their shares to KKR at a price of 8,800 yen per share.

Bain has stated that it would only proceed with its 9,450 yen per share bid if it receives approval from Fuji Soft's management, which it has not yet obtained.

Bain was unavailable for comment regarding the outcome of KKR's tender offer.

KKR has indicated it will begin the second stage of its tender offer, also priced at 8,800 yen per share, in mid-November.