By Anton Bridge
TOKYO (Reuters) -U.S. non-public fairness agency KKR will increase its provide value for Japanese IT firm Fuji Tender by greater than 4% to take it above a rival provide from Bain Capital, it mentioned on Tuesday.
It’s the newest salvo in a protracted bidding warfare that started in August final 12 months, with KKR and Bain competing to purchase Fuji Tender in tender provide bids value as a lot as $2 billion.
KKR raised its value to 9,850 yen ($63.44) per share from 9,451 yen per share, taking it above Bain’s most up-to-date provide of 9,600 yen ($61.82) per share.
KKR at present has a 33.97% stake in Fuji Tender following the primary stage of a two-part bid by which two activist buyers – 3D Funding Companions and Farallon Capital – agreed to tender their shares to KKR.
However KKR has did not safe a majority on account of Bain’s larger provide and since Fuji Tender’s share value has constantly traded above KKR’s provide.
KKR has repeatedly prolonged its tender provide interval, with the newest on account of finish on Friday.
Fuji Tender’s shares had been up 1.79% at 9,975 yen in early afternoon commerce, above each tender presents.
Bain, which is supported by Fuji Tender’s founding household, has not launched its tender provide bid but, having mentioned that it might await KKR’s bid to fail or be withdrawn.
Bain was not instantly out there for touch upon KKR’s larger bid. Fuji Tender declined to remark.
KKR initially provided 8,800 yen a share for Fuji Tender final August. Bain introduced its bid, at 9,450 yen per share, the next month, prompting KKR to lift its provide to 9,451 yen a share. It had maintained its provide value regardless of Bain rising its provide to 9,600 yen.
($1 = 155.2800 yen)
(Reporting by Anton Bridge, Extra reporting by Kantaro Komiya and Kane Wu; Enhancing by Chang-Ran Kim and Kate Mayberry)
