Fuji Soft said it would sincerely consider Bain Capital’s tender offer, which beat private-equity firm KKR’s offer, possibly setting the stage for a bidding war for the Japanese software developer.

TOKYO (Reuters) -U.S. buyout fund Bain Capital made a binding offer to buy Fuji Soft for 9,450 yen a share in a deal that values the Japanese software developer at $4 billion and outbids rival KKR by about 7%. Bain said in a statement on Friday it planned to launch the offer late this month if it can get Fuji Soft's backing.

Fuji Soft Inc. is standing by KKR & Co.’s tender for its shares despite receiving a higher bid from Bain Capital that’s won the support of the Japanese software developer’s founder.Most Read from BloombergA Broken Oil Pipeline Plunges South Sudan’s Capital Into ChaosInside the ‘Utopias’ of Mexico CityOne City’s Plan to Re-Link a Neighborhood That Robert Moses DividedCities Look to AI to Flag Residents’ Trash and Recycling MistakesChicago Should Consider Furloughs,

Bain Capital made a binding takeover proposal for Fuji Soft Inc. as it seeks to outmaneuver private equity rival KKR & Co., which has offered a lower price for the Japanese software developer.

Fuji Soft's top shareholder on Tuesday confirmed its support for KKR's bid for the Japanese software developer at the centre of a $4 billion takeover battle between two of the world's biggest private equity firms.

The board of Japan’s Fuji Soft (9749.T) is continuing to back the first stage of a 558.4 billion yen ($3.72 billion) buyout offer from KKR, despite receiving a higher counter-offer from Bain Capital.