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.