Bain Makes Binding Offer for Fuji Soft, Outbidding KKR by 7%

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.

Bain is proposing to pay ¥9,450 ($63) a share for the company, it said in a statement Friday, which compares with KKR’s ¥8,800 per share offer. Bain plans to start its tender bid in late October if Fuji Soft expresses support for the move, it said.

A weaker yen and regulators’ emphasis on shareholder value are ramping up M&A activity in Japan. Earlier this year, ...