KKR (KKR) is urging Fuji Soft to take legal action against Bain Capital over allegations that the latter violated "key" principles of the private equity industry in its attempt to block KKR's proposed take-private deal with Fuji Soft.
In a letter on Monday, KKR urged Fuji Soft's board to file an injunction against Bain Capital's alleged unauthorized use of confidential information, as well as request relevant regulatory authorities to investigate the issues concerning Bain Capital's proposal.
Fuji Soft's board has agreed to be taken private in a deal with KKR that is being challenged by Bain Capital, which has recruited members of the Japanese company's founding family to block the deal.
KKR accused Bain Capital of breaching its non-disclosure agreement with Fuji Soft after it made several pre-announcements for its proposed tender offer, which has yet to be launched, that KKR also claimed contained misleading information.
The company also accused Bain Capital of acquiring confidential information to make its tender offer pretending to be making a friendly offer, but once it obtained the information, announced its intention to make a hostile offer.
KKR also claimed that Bain Capital's criticism of the company and its board after the latter decided against the company would damage the reputation and credibility of the broader private equity industry.
"[W]e once again strongly urge the Board to promptly take appropriate measures, including the exercise of FUJI SOFT's legal claims," KKR said.
In an email to MT Newswires, Bain Capital said that it did not currently have a comment on the matter. Fuji Soft did not immediately respond to MT Newswires' request for comment.
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