KKR Extends Tender Offer For FUJI SOFT Amid Bain Capital's Hostile Partial Bid

KKR & Co. Inc. (NYSE:KKR) has announced the extension of the tender offer period for its acquisition of FUJI SOFT INCORPORATED, extending the deadline from January 9 to January 24.

This decision was made following market conditions, where FUJI SOFT’s share price has remained above the tender offer price of 9,451 yen.

The extension will allow FUJI SOFT shareholders to make more informed decisions amid ongoing developments, including Bain Capital’s attempts to acquire the company and recent public statements from both FUJI SOFT and Bain Capital.

Bain Capital, which had previously waived the board’s support for its offer, is now pursuing a hostile partial takeover to seize control of FUJI SOFT.

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Bain Capital made it a condition precedent of their tender offer that the Second Tender Offer by the Offeror be unsuccessful or withdrawn, and Bain Capital has expressed its intention to begin its tender offer from late January 2025 or after.

However, KKR, through its vehicle FK Co., remains committed to privatizing the company, despite Bain Capital’s moves. KKR has no intention of withdrawing its offer and is prepared to continue with the tender offer even if it is unsuccessful initially.

As the largest shareholder, KKR is confident that Bain Capital’s offer will not gain traction.

In a notable turn, FUJI SOFT’s founding family contacted KKR on December 27, 2024, to propose a potential collaboration involving KKR, Bain Capital, and the founding family in a privatization effort.

Despite the uncertainty surrounding Bain Capital’s intentions, KKR said it remains committed to FUJI SOFT’s privatization, which aims to enhance corporate value and growth.

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