KKR & Co. (KKR, Financials) increased its tender offer price for FUJI SOFT to 9,850 yen per share on Tuesday, up from 9,451 yen, as part of its ongoing effort to acquire the company.
The investment company said the measure seeks to lower uncertainties over the privatization of FUJI SOFT and hasten value generation after the acquisition.
Seven business days have been added to the tender offer period, extending it until Feb. 19. The higher offer reflects Bain Capital's previously stated but unexecuted offering of 9,600 yen per share and FUJI SOFT's higher share price.
KKR underlined that the revised tender price represents a 33.29% premium over the Aug. 7, 2024, price of 7,390 yen before the first tender announcement and a 0.51% premium over FUJI SOFT's Feb. 3 closing price. The premium rises to 38.15% over the one-year average price of 7,130 yen, 44.92% over the three-month average of 6,797 yen, and 51.42% over the six-month average of 6,505 yen.
KKR does not intend to start a third bidding round. Instead, the updated offer is aimed at increasing the likelihood of a successful privatization. With details to be provided after the conclusion of the second tender offer, the company also confirmed plans to provide cash compensation to former shareholders who tendered during the first round.
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