KKR & Co.'s nearly $4 billion offer for Japanese IT consulting firm Fuji Soft Inc. sparked a rare bidding war in Japan's private equity market. Bain Capital responded with a public bid that was 7% higher, creating an unprecedented showdown between the two investment giants that has left investors astonished.
KKR & Co. has increased its offer for Fuji Soft Inc. to 9,451 yen ($60.86) per share, surpassing Bain Capital's bid and securing the support of Fuji Soft's board. This new offer is an increase from KKR's initial proposal of 8,800 yen and is 1 yen higher than Bain's offer.
KKR & Co. has acquired over one-third of Fuji Soft Inc. following the completion of the first stage of its tender offer. Notable shareholders, including 3D Investment Partners and Farallon Capital, have tendered their shares, enabling KKR to advance its plans for control of the company.
U.S. pre-market trading saw Etsy drop over 4% after a Goldman Sachs downgrade, while Coty fell more than 2% following disappointing preliminary results. In contrast, Doximity gained over 3% after an upgrade from Barclays. In corporate news, Ericsson surged over 8% on strong Q3 earnings, while Asian markets were mixed, with China's Shanghai Composite down 2.53% amid economic concerns, and Japan's Nikkei 225 up 0.77% on a weaker yen and positive Wall Street momentum.
Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.