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 >
Wheat price approaches the target – Forecast today - 17-04-2024
Wheat price approaches the target – Forecast today - 17-04-2024
Apr 16, 2024
Wheat Price Analysis Expected Scenario Wheat price provided negative trades yesterday, nearing the first awaited target at 552.80$. Awaiting a break below this level to extend the bearish wave towards 541.80$ as the next main target. The EMA50 continues to exert downward pressure, supporting the continuation of the bearish trend. The bearish scenario remains valid unless the price manages to...
Soybean price resumes the bearish bias – Forecast today - 17-04-2024
Soybean price resumes the bearish bias – Forecast today - 17-04-2024
Apr 16, 2024
Soybean Price Analysis Expected Scenario Soybean price provided new negative trades yesterday, nearing the intraday bullish channels support line. Further decline is expected to visit 1131.40$, representing the next main target. The bearish trend is suggested for the intraday and short-term basis, supported by negative pressure from the EMA50. Continued holding below 1193.10$ is a major condition for the expected...
Sugar price confirms the break – Forecast today - 17-04-2024
Sugar price confirms the break – Forecast today - 17-04-2024
Apr 16, 2024
Sugar Price Analysis Expected Scenario Sugar price broke the 19.82$ level clearly and closed below it yesterday, reinforcing expectations of continuing the bearish trend. Further decline is anticipated on the intraday and short-term basis, with a next main target at 18.50$. The continuation of the bearish wave hinges on price stability below 19.82$. Breaching 19.82$ may prompt a recovery attempt...
UN committee unable to agree on Palestinian bid for full membership
UN committee unable to agree on Palestinian bid for full membership
Apr 16, 2024
UNITED NATIONS (Reuters) -A United Nations Security Council committee considering an application by the Palestinian Authority to become a full U.N. member was unable to make a unanimous recommendation on whether it met the criteria, according to the committee report seen by Reuters on Tuesday. The Palestinian Authority is still expected to push the 15-member Security Council to vote -...
Copyright 2023-2025 - www.financetom.com All Rights Reserved