US investment giants KKR and Bain Capital are battling to buy Japanese software developer Fuji Soft and take it private.
KKR has extended its deadline for an agreement by 10 working days to November 5, after Bain indicated it would make a higher per-share offer. Fuji Soft has said it’s backing KKR’s offer, but its founder has said the Bain deal is preferable.
KKR had previously set the buyout period from September 5 until October 21, offering 8,800 yen, or about 58 dollars, per share.
KKR says Fuji Soft has been encouraging its shareholders to agree to the deal and that activist investor funds with a combined stake of over 30 percent have approved its offer.
Meanwhile, Bain Capital has said it is willing to pay 9,450 yen, or almost 63 dollars, per share, and that it will start a tender offer this month.
Attention is on how shareholders that are not already committed will respond to these offers.