By Anton Bridge
TOKYO (Reuters) -U.S. non-public fairness fund KKR mentioned on Monday it has requested Fuji Mushy to make a courtroom submitting to cease what it mentioned was Bain Capital’s violation of a non-disclosure settlement amid Bain and KKR’s acquisition battle for the software program maker.
In a letter to Fuji Mushy, KKR requested the Japanese firm to file an injunction to halt Bain Capital’s “continued breach of its non-disclosure agreement”.
KKR and Bain are attempting to purchase Fuji Mushy in competing tender provide bids price as a lot as $2 billion.
The request by KKR ramps up the acrimony between two of the most important names in world non-public fairness of their tug-of-war for Fuji Mushy.
Fuji Mushy and Bain declined to remark.
It’s notable that the contentious scramble is enjoying out in public in Japan – a market the place hostile bids have solely change into extra widespread in recent times and the place most takeovers are nonetheless performed on a pleasant foundation.
New takeover pointers launched by the business ministry to spur company takeovers have begun to take away the long-held stigma round unsolicited bids and inspired lenders to finance such proposals.
Fuji Mushy’s board has come out in help of KKR’s decrease bid and demanded that Bain destroy the confidential info it compiled throughout due diligence, however Bain proceeded with its bid, now hostile, saying there was no motive for its larger provide to be rejected.
Bain has mentioned Fuji Mushy is disregarding the pursuits of shareholders and that it wished to proceed utilizing the knowledge to launch its tender provide. Fuji Mushy’s founding household has mentioned it helps Bain’s bid.
