Summarize this content to 2000 words in 6 paragraphs in Arabic Stay informed with free updatesSimply sign up to the Private equity myFT Digest — delivered directly to your inbox.Bain Capital has halted its $4bn pursuit of Japan\u2019s Fuji Soft, conceding to rival KKR in one of the most bruising battles in global private equity.The firm said on Monday it would not would launch its planned tender offer for the IT services company or raise its bid to match KKR\u2019s pitch of \u00a59,850 ($65) a share.The concession follows months of rare public hostility between the two private equity groups during which KKR accused Bain of bidding in bad faith and allegedly misusing confidential information.Their bidding war has been considered a watershed moment for private equity in Japan, with the firms deploying aggressive tactics that market observers said were largely avoided in the past.The takeover battle began last summer, when activist fund 3D Investment Partners proposed that Fuji Soft go private, leading to a sales process that was then taken on by the board.KKR made an opening offer of \u00a58,800 a share.\u00a0Fuji Soft has been considered a prized asset because its property portfolio, valued at upwards of $1bn by the buyout groups, makes the cost of acquiring it more manageable. Its core IT services business is also seen as ripe for a turnaround.Fuji Soft\u2019s board backed KKR, which had bought more than a third of the company\u2019s stock from activist investors, creating a blocking stake.Fuji Soft\u2019s founding family, still major shareholders, supported Bain, which decided late last year to press ahead with a takeover bid without the board\u2019s approval \u2014 a highly unusual move in Japan.Bain on Monday said its actions \u201ccontributed to the interests of the target company\u2019s shareholders\u201d. KKR declined to comment.With KKR\u2019s current offer nearly 12 per cent higher than when the contest started, analysts said the saga had proven to be a boon for minority investors.\u201cThe lesson to be learned here is that bidders and boards are not necessarily defending minority interests,\u201d said Travis Lundy, an independent analyst. \u201cSometimes it takes outside pressure.\u201dFuji Soft shares closed at \u00a59,834 in Tokyo on Monday, giving it a market capitalisation of $4.4bn. They hit a peak of \u00a59,900 this month amid hopes that Bain and KKR\u2019s takeover bids might go higher.<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic Stay informed with free updatesSimply sign up to the Private equity myFT Digest — delivered directly to your inbox.Bain Capital has halted its $4bn pursuit of Japan\u2019s Fuji Soft, conceding to rival KKR in one of the most bruising battles in global private equity.The<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[],"class_list":{"0":"post-209680","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-tech"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/209680","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=209680"}],"version-history":[{"count":0,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/209680\/revisions"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=209680"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=209680"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=209680"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}