financetom
Technology
financetom
/
Technology
/
KKR asks Fuji Soft to file injunction against Bain's 'breach of NDA'
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
KKR asks Fuji Soft to file injunction against Bain's 'breach of NDA'
Jan 6, 2025 8:04 PM

TOKYO, Jan 7 (Reuters) - U.S. private equity fund KKR

said it has asked Fuji Soft to file for an

injuction in court to stop what it said was Bain Capital's

violation of a non-disclosure agreement (NDA) amid Bain and

KKR's acquisition battle for the software maker.

In a letter to Fuji Soft on Monday, KKR asked the Japanese

company to file an injunction to halt Bain Capital's "continued

breach of its non-disclosure agreement".

Bain on Tuesday said it has destroyed the confidential

information it had gathered as part of its due diligence process

but would continue with its tender offer.

Earlier in the day, Fuji Soft said it would consider the

appropriate response to KKR's injuction request.

KKR and Bain are trying to buy Fuji Soft in competing tender

offer bids worth as much as $2 billion.

The request by KKR ramps up the acrimony between two of the

biggest names in global private equity in their tug-of-war for

Fuji Soft.

It is rare for such a battle to unfold publicly in Japan - a

market where hostile bids have only become more common in recent

years and where most takeovers are still done on a friendly

basis.

New takeover guidelines introduced by the industry ministry

to spur corporate takeovers have begun to remove the long-held

stigma around unsolicited bids and encouraged lenders to finance

such proposals.

Fuji Soft's board has come out in support of KKR's lower bid

and demanded that Bain destroy the confidential information it

compiled during due diligence, but Bain proceeded with its bid,

now hostile, saying there was no reason for its higher offer to

be rejected.

Bain has said Fuji Soft is disregarding the interests of

shareholders and that it wanted to continue using the

information to launch its tender offer. Fuji Soft's founding

family has said it supports Bain's bid.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
KKR, Francisco Partners vying to acquire Instructure, sources say
KKR, Francisco Partners vying to acquire Instructure, sources say
Jul 3, 2024
July 3 (Reuters) - Private equity firms KKR and Francisco Partners are competing to acquire Instructure ( INST ) , a U.S. education software provider with a market value of $3.4 billion, people familiar with the matter said on Wednesday. The two buyout firms are through to the final round of bidding for Instructure ( INST ) and are preparing...
Unpacking the Latest Options Trading Trends in Qualcomm
Unpacking the Latest Options Trading Trends in Qualcomm
Jul 3, 2024
Investors with a lot of money to spend have taken a bullish stance on Qualcomm ( QCOM ) . And retail traders should know. We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga. Whether these are institutions or just wealthy individuals, we don't know. But when something this big...
Ericsson to record $1.1 billion impairment charge related to Vonage acquisition
Ericsson to record $1.1 billion impairment charge related to Vonage acquisition
Jul 3, 2024
(Reuters) - Mobile telecoms equipment maker Ericsson said on Wednesday it will record a noncash impairment charge of 11.4 billion Swedish crowns ($1.09 billion) in the second quarter of 2024, related to its acquisition of Vonage. The impairment charge reflects lower anticipated market growth in some of Vonage's current portfolio, the company said in a statement. Given deterioration in the...
Nintendo Escalates Anti-Piracy Campaign With Lawsuit Against Modded Hardware
Nintendo Escalates Anti-Piracy Campaign With Lawsuit Against Modded Hardware
Jul 3, 2024
Nintendo ADR‘s (OTC:NTDOY) legal offensive against alleged Nintendo Switch pirates continues, with the latest lawsuit targeting Modded Hardware, a modding company. The suit alleges Modded Hardware not only provides the necessary hardware and firmware for creating and playing pirated games but also distributes pirated copies of Nintendo ( NTDOF ) games. See Also: Garry’s Mod Under Fire: Nintendo Orders Massive...
Copyright 2023-2025 - www.financetom.com All Rights Reserved