Fuji Soft Founder Backs Bain Capital Offer over KKR's

Tokyo, Oct. 18 (Jiji Press)--The founder of Fuji Soft Inc. has proposed that the Japanese system integrator accept a tender offer from U.S. investment fund Bain Capital, instead of a rival bid from U.S. investment group KKR.

Hiroshi Nozawa, who is also a major Fuji Soft shareholder, submitted a written opinion calling on the company to support the Bain Capital bid, which was presented later the KKR offer. Fuji Soft's board has already expressed its support for KKR's offer.

In the written opinion, Nozawa said that the Fuji Soft board would be violating the duty of care of a prudent manager if it does not support Bain Capital's offer of 9,450 yen per share, which is higher than KKR's offer of 8,800 yen per share.

In an open letter to general shareholders, Nozawa said he feels strong discomfort over how Fuji Soft was being "led to go private through the logic of capital." He described Bain Capital as a white knight.

END

[Copyright The Jiji Press, Ltd.]