US private equity giant KKR has escalated its battle with rival buyout firm Bain Capital over the acquisition of Japanese software company Fuji Soft, accusing Bain of violating a non-disclosure agreement (NDA), according to a report by Reuters.
On Monday, KKR sent a letter to Fuji Soft, urging the company to file a court injunction to stop Bain’s alleged breach.
KKR and Bain are engaged in competing tender offers for Fuji Soft, with bids reaching up to $2bn. Despite Bain’s higher offer, Fuji Soft’s board has endorsed KKR’s proposal, citing concerns over Bain’s handling of confidential information obtained during due diligence. The board has demanded Bain destroy the data, alleging misuse.
Bain, however, has pushed back, arguing that its use of the information is justified and in the best interests of Fuji Soft shareholders. The founding family of Fuji Soft has expressed support for Bain’s bid, adding another layer of complexity to the standoff.
