KKR Acquires Over a Third of FUJI SOFT With Completion of First Stage of Tender Offer
KKR has successfully completed the first stage of its tender offer for FUJI SOFT, acquiring a 33.86% voting rights stake (21,413,302 common shares) and approximately 90% of existing share options. The investment firm has become FUJI SOFT's largest shareholder, positioning itself as a key player in any potential privatization efforts. A second tender offer is planned for mid-November at 8,800 yen per share, representing a 110.3% premium over the 12-month average closing price prior to October 2, 2023. Notably, about 90% of FUJI SOFT's advisors, directors, and officers supported the first tender offer by tendering their share options.
KKR ha completato con successo la prima fase della sua offerta pubblica di acquisto per FUJI SOFT, acquisendo una partecipazione del 33,86% dei diritti di voto (21.413.302 azioni ordinarie) e circa il 90% delle opzioni sulle azioni esistenti. La società di investimento è diventata il principale azionista di FUJI SOFT, posizionandosi come un attore chiave in eventuali sforzi di privatizzazione. È prevista una seconda offerta pubblica di acquisto per metà novembre a 8.800 yen per azione, che rappresenta un premio del 110,3% rispetto al prezzo di chiusura medio degli ultimi 12 mesi prima del 2 ottobre 2023. È interessante notare che circa il 90% degli advisor, dei direttori e degli ufficiali di FUJI SOFT ha supportato la prima offerta pubblica di acquisto consegnando le proprie opzioni sulle azioni.
KKR ha completado con éxito la primera fase de su oferta pública para FUJI SOFT, adquiriendo un 33,86% de participación en derechos de voto (21.413.302 acciones ordinarias) y aproximadamente el 90% de las opciones sobre acciones existentes. La firma de inversión se ha convertido en el principal accionista de FUJI SOFT, posicionándose como un jugador clave en cualquier posible esfuerzo de privatización. Se planea una segunda oferta pública para mediados de noviembre a 8.800 yenes por acción, lo que representa un 110,3% de prima sobre el precio de cierre promedio de los 12 meses anteriores al 2 de octubre de 2023. Notablemente, aproximadamente el 90% de los asesores, directores y funcionarios de FUJI SOFT apoyaron la primera oferta pública al entregar sus opciones sobre acciones.
KKR는 FUJI SOFT에 대한 첫 번째 입찰 단계에서 성공적으로 33.86%의 의결권 지분(21,413,302 보통주)과 약 90%의 기존 주식옵션을 인수했습니다. 이 투자 회사는 FUJI SOFT의 최대 주주가 되어 향후 민영화 노력에서 핵심적인 역할을 할 수 있는 위치에 있습니다. 두 번째 입찰은 2023년 10월 2일 이전 12개월 평균 종가 대비 110.3%의 프리미엄을 나타내는 주당 8,800엔으로 11월 중순에 예정되어 있습니다. FUJI SOFT의 자문위원, 이사 및 임원의 약 90%가 자신의 주식 옵션을 제출하여 첫 번째 입찰을 지지했습니다.
KKR a réussi à terminer la première étape de son offre publique d'achat pour FUJI SOFT, acquérant une participation de 33,86% des droits de vote (21.413.302 actions ordinaires) et environ 90% des options sur actions existantes. La société d'investissement est devenue le principal actionnaire de FUJI SOFT, se positionnant comme un acteur clé dans les éventuels efforts de privatisation. Une seconde offre est prévue pour la mi-novembre à 8.800 yens par action, ce qui représente une prime de 110,3% par rapport au prix de clôture moyen des 12 mois précédents au 2 octobre 2023. Il est à noter qu'environ 90% des conseillers, des directeurs et des cadres de FUJI SOFT ont soutenu la première offre en remettant leurs options sur actions.
KKR hat erfolgreich die erste Phase seines Übernahmeangebots für FUJI SOFT abgeschlossen und 33,86% der Stimmrechtsanteile (21.413.302 Stammaktien) sowie etwa 90% der bestehenden Aktienoptionen erworben. Die Investmentgesellschaft ist der größte Aktionär von FUJI SOFT geworden und positioniert sich als wichtiger Akteur bei möglichen Privatisierungsbemühungen. Ein zweites Übernahmeangebot ist für Mitte November zu einem Preis von 8.800 Yen pro Aktie geplant, was einem Aufschlag von 110,3% im Vergleich zum durchschnittlichen Schlusskurs der letzten 12 Monate vor dem 2. Oktober 2023 entspricht. Bemerkenswert ist, dass etwa 90% der Berater, Direktoren und Führungskräfte von FUJI SOFT das erste Übernahmeangebot unterstützt haben, indem sie ihre Aktienoptionen eingereicht haben.
- Acquired significant 33.86% voting rights stake, becoming largest shareholder
- Secured approximately 90% of existing share options
- Strong support from company insiders with 90% of management share options tendered
- Offering substantial 110.3% premium over 12-month average share price
- Additional capital required for second tender offer to complete privatization
Insights
KKR's strategic acquisition of a
The transaction's two-stage tender offer approach is particularly noteworthy, as it effectively blocks potential competing bids while maintaining price stability for remaining shareholders. KKR's position as the largest shareholder with veto power over privatization attempts creates a clear path for their intended full acquisition, potentially leading to accelerated operational improvements and value creation through KKR's extensive resources and expertise in corporate transformations.
This deal represents a masterful execution of strategic control acquisition. By securing over one-third voting rights and
The strong management alignment, evidenced by the high option tender rate, suggests potential for smooth post-acquisition integration and transformation. KKR's proven track record in Japan and their focus on digital transformation makes this an ideal partnership for FUJI SOFT's next growth phase, particularly in modernizing their IT services and solutions portfolio.
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FUJI SOFT’s advisors, directors, and officers tendered ~
90% of their share options - Result means any plan to privatize FUJI SOFT will require KKR’s support
With the completion of the First Tender Offer, the Offeror will become the largest shareholder of FUJI SOFT, acquiring 21,413,302 common shares (voting rights ratio:
Notably, advisors (komon), directors and officers of FUJI SOFT tendered approximately
Following the successful First Tender Offer, the Offeror plans to commence a second tender offer in mid-November to acquire all remaining shares and share options of FUJI SOFT. The purchase price for the second tender offer is planned to be unchanged from the First Tender Offer at
Hiro Hirano, Deputy Executive Chairman of KKR Asia Pacific and CEO of KKR Japan, said, “The success of our first tender offer is an important milestone for FUJI SOFT and its stakeholders as it provides considerable clarity of our ability to support the company’s aim of privatizing to enhance its corporate value. We are grateful for FUJI SOFT’s continued confidence in our capabilities and believe that a stable and cohesive shareholder structure is in the company’s best interests. We look forward to sharing KKR’s full suite of resources and network to help FUJI SOFT achieve its next stage of transformation.”
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This press release should be read in conjunction with the release issued by the Offeror on November 6 titled “Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.”.
The purpose of this press release is to publicly announce the results of the First Tender Offer and it has not been prepared for the purpose of soliciting an offer to sell or purchase in the Tender Offer. When making an application to tender, please be sure to read the relevant Tender Offer Explanatory Statement for the Tender Offer and make your own decision as a shareholder or share option holder. This press release does not constitute, either in whole or in part, a solicitation of an offer to sell or purchase any securities, and the existence of this press release (or any part thereof) or its distribution shall not be construed as a basis for any agreement regarding the Tender Offer, nor shall it be relied upon in concluding an agreement regarding the Tender Offer.
The Tender Offer will be conducted in compliance with the procedures and information disclosure standards set forth in Japanese law, and those procedures and standards are not always the same as the procedures and information disclosure standards in the
Unless otherwise specified, all procedures relating to the Tender Offer are to be conducted entirely in Japanese. All or a part of the documentation relating to the Tender Offer will be prepared in English; however, if there is any discrepancy between the English-language documents and the Japanese-language documents, the Japanese-language documents shall prevail.
This press release includes statements that fall under “forward-looking statements” as defined in section 27A of the
The Offeror, its financial advisors and the Tender Offer agent (and their respective affiliates) may purchase the common shares and share options of FUJI SOFT, by means other than the Tender Offer, or conduct an act aimed at such purchases, for their own account or for their client’s accounts, in the scope of their ordinary business and to the extent permitted under financial instrument exchange-related laws and regulations, and any other applicable laws and regulations in
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.
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1 In the “Notice regarding Expression of Opinion in Support of the Tender Offer for the Company Share Certificates by FK Co., Ltd. and Recommendation to Tender Shares”, published by FUJI SOFT on September 4, 2024, it was stated that “…the Company concluded in the middle of July 2024 that the most crucial issue for advancing the Company’s management is to restructure the shareholder composition. The Company concluded that the best means to achieve this is to accept the PE funds’ [proposals for FUJI SOFT to be taken private]“. To date, FUJI SOFT has not disclosed any change to this conclusion.
2 Figures represent the unaffected FUJI SOFT share price based on the closing share price on October 2, 2023, the last full trading day immediately prior to the speculative publication of media reports regarding the start of the bidding process for a potential tender offer.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107094430/en/
Media
KKR Asia Pacific
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com
Source: KKR
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