Headline: KKR Extends Bid Deadline for Fuji Soft to November 5th

U.S. investment firm KKR has announced an extension of the deadline for the initial phase of its tender offer to acquire Japanese IT services company Fuji Soft. Originally set to conclude today, the deadline has been extended by 10 business days to November 5th. Fuji Soft shareholders will have an additional opportunity to tender their shares to KKR following the completion of the initial phase.

The tender offer, as part of KKR's strategy to take Fuji Soft private, continues at a per-share price of 8,800 yen, which equates to approximately $58.73 based on the current exchange rate of 149.8300 yen/dollar. This offer faces competition from Bain Capital, which priced its rival bid for Fuji Soft shares at 9,450 yen, about 7% higher than KKR's offer.

Thus, Fuji Soft shareholders find themselves needing to decide between the two proposals, with KKR’s extension providing extra time for consideration. The decision by the investment firm to prolong the tender process demonstrates its commitment to the acquisition and offers shareholders a longer timeframe to participate in the offer.