TOKYO -- The jockeying to acquire Fuji Soft has exposed a hole in Japanese tender offer regulations that has allowed Bain Capital to vie with fellow U.S.-based private equity firm KKR without going through the same formal review process.
KKR launched its offer for the Japanese systems developer in September by going through the normal channels, which entail prior consultation with the Financial Services Agency and both written and in-person reviews. When KKR raised its bid this month to 9,850 yen ($65) per share from 9,451 yen, it posted an amended offer on Japan's official electronic disclosure website.
