Bain Capital withdraws tender offer for Fuji Soft

Fuji Soft (TSE: 9749) announced that Bain Capital Private Equity has withdrawn its tender offer for the company's shares. This decision follows FK Corporation's (KKR) increased tender offer price of ¥9,850 per share. Bain Capital, through its entity BCJ-88, had initially proposed a tender offer at ¥9,600, with plans to enhance Fuji Soft's corporate value. Despite expressing concerns about the fairness of the sale process, Bain Capital ultimately decided not to raise its offer, effectively ending its pursuit of Fuji Soft. KKR's FK Corporation has now successfully completed its tender offer, acquiring 57.92% of Fuji Soft's outstanding shares. As a result, FK Corporation will become Fuji Soft's parent company, and the company will likely be taken private, delisting from the Tokyo Stock Exchange. Fuji Soft had expressed support for the KKR offer and recommends their shareholders accept the offer. Bain Capital said that they wish the best for Fuji Soft under new governance with the new majority shareholder KKR.