KKR Changes Tender Offer for Fuji Soft to 2-Stage Scheme

Tokyo, Sept. 20 (Jiji Press)--U.S. investment fund KKR has announced its decision to change its tender offer for shares of Japanese system integrator Fuji Soft Inc. to a two-stage scheme.

According to the announcement Thursday, KKR will acquire all tendered shares in the first tender offer, regardless of whether the number of such shares reaches its target, and then launch the second tender offer. The share acquisition price, set at 8,800 yen apiece, will be left unchanged in the two-stage scheme.

On Sept. 5, the investment fund started its tender offer for Fuji Soft with a timetable through Oct. 21 and with a goal of acquiring a stake of at least 53.22 pct.

KKR said in a statement that it decided on the change to the two-stage tender offer scheme "to address recent market speculation and uncertainty and potential concerns from various stakeholders arising from Bain Capital's planned proposal announcement."

U.S. investment fund Bain Capital said it will propose a rival tender offer for Fuji Soft in October at a price exceeding the offer from KKR by about 5 pct.

[Copyright The Jiji Press, Ltd.]