Investing.com -- U.S. private equity firm, Bain Capital, announced on Monday that it will not proceed with a tender offer for Japanese IT company, Fuji Soft, marking the end of a prolonged takeover battle with rival firm KKR.
Bain Capital had indicated last week that it was considering withdrawing its proposal for Fuji Soft. This came after KKR increased its offer for the company, outbidding Bain's proposal in a bidding war that had lasted for several months.
Despite facing opposition from Fuji Soft's board, Bain Capital had continued its takeover efforts, arguing that the board's rejection was not in the best interest of the minority shareholders.
Earlier this month, KKR increased its offer for Fuji Soft to 9,850 yen ($65) per share, surpassing Bain's most recent offer of 9,600 yen made in December.
In a statement on its website on Monday, Bain Capital expressed its hope for Fuji Soft's continued growth under the new shareholders and renewed governance.
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