By Anton Bridge
Tokyo (Reuters) -US Private Equity Company KKR will raise its offer price for Japanese IT company Fuji Soft of more than 4% to take it above a competitive offer by Bain Capital, he said on Tuesday.
This is the latest Salvo in a prolonged offer war that started in August last year, with KKR and Bain competing to buy Fuji Soft in Tender's proposals worth as much as $ 2 billion.
KKR raised its price to 9,850 yen ($ 63.44) the share of 9,451 yen of the share, taking it above the latest bain bid of 9,600 yen ($ 61.82) of the share.
KKR currently has a share of 33.97% in Fuji Soft following the first phase of a two -part application where two activist investors – 3D investment partners and Farallon Capital – agreed to tender their shares to KKR.
But KKR has failed to secure a majority because of a higher bath offer and because the price of Fuji Soft's shares has consistently traded above KKR offer.
KKR has repeatedly extended its tender offer, with the latest to end on Friday.
Fuji Soft's shares were up 1.79% at 9,975 yen in early afternoon trade, above the two tender offers.
Bain, supported by Fuji Soft's establishment family, has not yet launched his tender offer, having said he would wait for KKR's bid to fail or be withdrawn.
Bain was not immediately available to comment on KKR Advanced Offer. Fuji Soft refused to comment.
Initially, KKR offered 8,800 yen share for Fuji Soft last August. Bain announced his proposal, 9,450 yen the share, the following month, urging KKR to raise his offer to 9,451 yen share. He had maintained his motion price despite Bain to increase his offer to 9,600 yen.
($ 1 = 155.2800 yen)
(Reported by Anton Bridge, Additional Reports by Kantaro Komiya and Kane Wu; Edited by Chang-Ran Kim and Kate Mayberry)