TOKYO, Dec 17 Reuters Japanese IT firm Fuji Soft has reaffirmed its support for the second stage of a tender offer buyout from U.S. private equity firm KKR and came out against a higher offer from rival Bain Capital, it said in a statement on Tuesday.

KKR now owns about 34 of Fuji Soft after the first stage of its twopart tender offer, mainly through shares tendered by activist shareholders 3D Investment Partners and Farallon Capital Management at 8,800 yen 57.18 apiece.

Last month, KKR raised its offer price for Fuji Soft to 9,451 yen 1 yen above Bain39;s earlier bid only to have Bain again increase its offer to 9,600 yen last week.

Bain has said it would begin its tender offer only with the approval of Fuji Soft39;s board.

Fuji Soft said Bain could not take the company private through a squeezeout due to KKR owning more than a third of the company39;s shares, which therefore risked a deadlock if Bain39;s tender were to go ahead.

1 153.9000 yen

Reporting by Anton Bridge, Editing by Louise Heavens

Source Reuters