Engaging Headline: "Fuji Soft's Largest Shareholder Backs KKR"

A significant development has occurred in the ongoing acquisition process of Fuji Soft. The company's largest shareholder, 3D Investment Partners, has publicly announced its support for KKR & Co.'s takeover bid. The Singapore-based investment firm currently holds a substantial 23.46% stake in the Japanese software developer, which is amidst a $4 billion acquisition battle.

3D Investment Partners stated that they believe KKR, which has offered 8,800 yen ($58.67) per share for Fuji Soft, is the most suitable partner for the company. This proposal was made in August and was later contested by Bain Capital's higher bid of 9,450 yen per share.

KKR has successfully secured commitments to tender shares from both 3D Investment Partners and another significant shareholder, Farallon Capital, which owns a 9.22% stake. The total commitments from these shareholders provide KKR the potential to control nearly a third of Fuji Soft, putting it in a strong position to thwart Bain Capital's potential acquisition.

3D's support follows the initiation of a process last year to seek acquisition offers for Fuji Soft. During this process, 3D signed an irrevocable offer agreement with KKR. On the other hand, Bain Capital claims it was not invited to participate in this process by Fuji Soft.

3D Investment Partners expressed confidence in KKR's ability to support Fuji Soft's growth, noting that KKR has been working on privatization efforts with the company for over a year. In response to Bain Capital's counterbid, KKR adopted a two-stage tender offer approach, giving shareholders the option to tender their shares either initially or in a subsequent round, both stages offering 8,800 yen per share.

As the competition intensifies, KKR has extended the first stage of its tender offer by 10 business days, setting the new deadline to 11/05/2023. This extension provides shareholders with additional time to consider their participation in the tender offer at the set price point.

The tender offer and the backing of key shareholders highlight the strategic moves played by two leading private equity firms as they vie for control of a crucial player in Japan's tech sector. With significant stakes and competing bids, the outcome of this acquisition battle is being closely watched by investors and industry observers.