Bain Capital has launched a ¥600 billion ($4.1 billion) takeover bid for Fuji Soft Inc., challenging an already agreed-upon acquisition by KKR & Co., according to the Nikkei. Last month, KKR agreed to buy the software developer at ¥8,800 per share. Bain’s new proposal offers between ¥9,200 and ¥9,300 per share, about 5% higher than KKR’s bid.
This counteroffer sets the stage for a rare public takeover battle in Japan, where such deals are usually made behind closed doors. However, a weaker yen and a growing focus on shareholder value are increasing M&A activity. Activist investors have long pushed for Fuji Soft to unlock value through deals or spinoffs. The company, a contract software developer for Fujitsu Ltd., provides systems for major Japanese banks like Mizuho Financial Group and government agencies.