KKR has offered 8,800 yen per share in 2stage tender
Bain has offered 9,450 yen per share
Fuji Soft says Bain offer still under consideration

TOKYO, Oct 18 Reuters The board of Japan39;s Fuji Soft will continue to support the first stage of a 558.4 billion yen 3.72 billion buyout offer from KKR, it said on Friday, despite having received a higher counteroffer from Bain Capital.

The IT company backed an 8,800 yen per share offer from KKR in August, but last month Bain made a rival proposal of 9,450 yen per share.

KKR then switched to a twostage process that would allow shareholders to take part in an initial tender or a later one both at 8,800 yen per share.

Major Fuji Soft shareholders 3D Investment Partners and Farallon Capital, together owning a 32.7 stake, have agreed to take part in the initial tender, which runs until Oct. 21.

Last week, Bain said its offer was binding, contingent upon gaining Fuji Soft39;s approval.

Fuji Soft said on Friday that Bain39;s offer was still under consideration, and that it would decide its opinion on any Bain tender offer as well as the second stage of KKR39;s offer at the start of each.

A KKR spokesperson said its deal represents the best future for the company given the certainty of our ability to complete the privatization and our history of creating value for Japanese businesses.

A spokesperson for Bain, which like KKR has been active in Japan for years, was not immediately available for comment.

Fuji Soft39;s…