Private Equity Firms Engage in Bitter Battle for Fuji Soft
KKR Takes Action Against Bain Capital’s Alleged NDA Violation
In a dramatic turn of events, U.S. private equity firm KKR has taken a bold step in its acquisition battle for Japanese software maker Fuji Soft. On Monday, KKR sent a letter to Fuji Soft, urging the company to file a court injunction to stop Bain Capital’s alleged violation of a non-disclosure agreement (NDA).
Competing Bids Worth Up to $2 Billion
KKR and Bain Capital are engaged in a fierce bidding war for Fuji Soft, with offers worth as much as $2 billion. However, the two firms have taken different approaches to their bids. While KKR’s lower offer has received the backing of Fuji Soft’s board, Bain Capital’s higher bid has garnered support from the company’s founding family.
Fuji Soft’s Board Demands Destruction of Confidential Information
Fuji Soft’s board has demanded that Bain Capital destroy the confidential information it compiled during due diligence, citing concerns over the potential misuse of sensitive data. However, Bain Capital has refused to comply, arguing that this would disregard the interests of shareholders.
Bain Capital Seeks to Continue Using Confidential Information
Bain Capital has expressed its intention to continue using the confidential information to launch its tender offer, despite Fuji Soft’s board’s objections. This move has sparked tensions between the two firms, with KKR accusing Bain Capital of breaching its NDA.
Fuji Soft Remains Silent Amidst the Battle
Neither Fuji Soft nor Bain Capital has responded to requests for comment on the matter. As the battle for control of Fuji Soft continues to unfold, one thing is clear: the stakes are high, and the outcome is far from certain.
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