TOKYO (Reuters) – U.S. private equity firm Bain Capital said it may withdraw its tender offer proposal for Japanese IT firm Fuji Soft, after rival suitor KKR raised its offer above Bain’s in a protracted bidding war.
Bain Capital “is carefully considering its future policy, including the option of withdrawing” the proposal, it said in a statement on Monday.
KKR last week raised its offer price to 9,850 yen ($64.88) per share from 9,451 yen per share, above Bain’s most recent offer of 9,600 yen per share in December.
Fuji Soft shares ended down 0.2% at 9,960 yen on Monday. The Tokyo stock market is closed on Tuesday due to a public holiday.
KKR currently has a 33.97% stake in Fuji Soft following the first stage of a two-part bid in which two activist investors – 3D Investment Partners and Farallon Capital – agreed to tender their shares to KKR.
Bain, which is supported by Fuji Soft’s founding family, has yet to launch a tender offer.
($1 = 151.8200 yen)
(Reporting by Kiyoshi Takenaka; Editing by Jamie Freed)
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