KKR becomes largest shareholder in Fuji Soft after successful tender offer

Private equity firm KKR has become the largest shareholder in Japanese software developer Fuji Soft after completing the first stage of a two-part tender offer, KKR said in a statement on Thursday.
The U.S. firm acquired 21.4 million shares, and secured control over 90 per cent of outstanding share options of Fuji Soft, it said.
On Thursday KKR acquired a stake of 35 per cent in the Japanese software developer through FK Co, an entity owned by investment funds it manages, in the first part of its two-stage buyout tender offer.
KKR now holds substantial influence over the Fuji Soft’s future direction, including a potential privatization, which the company’s board has previously indicated as a way to boost its value.
The second phase of the tender offer, set for mid-November, aims to acquire the remaining shares at an unchanged price of 8,800 yen ($57.46) each.
($1=153.1500 yen)