Bain Capital withdraws from battle with KKR for Japan's Fuji Soft

TOKYO -- U.S. private equity firm Bain Capital on Monday withdrew its planned bid to take over Japan's Fuji Soft, ending a battle to acquire the systems developer that had been raging with rival investor KKR for more than five months.

Bain said in a statement that it "has concluded that it will not increase the price of the purchase, etc." and that it "will not implement" the tender offer after consulting with Fuji Soft founder Hiroshi Nozawa. Bain had planned to launch its bid in partnership with the founding family, which holds 16% of the company's shares.