By Anton Bridge

TOKYO (Reuters) -Bain Capital plans to launch a young provide for Fuji Delicate shares even with out the approval of the goal agency’s board of administrators, the U.S. non-public fairness agency mentioned on Wednesday.

The announcement got here a day after the Japanese IT agency reaffirmed its help for the second stage of a young provide buyout from rival KKR, turning down the next provide from Bain.

Bain mentioned it has “strong concerns and distrust” in Fuji Delicate’s response to its proposal, saying there was no motive for its greater provide to be rejected, thereby harming the pursuits of minority shareholders.

In a presentation file, Bain mentioned it now plans to “promptly launch our tender offer if (KKR’s) second round of the tender offer ends unsuccessful or will be withdrawn.”

It had beforehand mentioned it might start its tender provide solely with the approval of Fuji Delicate’s board however now would take away this situation in mild of Fuji Delicate’s administration’s stance.

Fuji Delicate’s board got here out in help of KKR in November, saying Bain’s provide wouldn’t be viable as KKR may now block it.

The particular committee Fuji Delicate set up to look at the deal additionally mentioned Bain shouldn’t make the next provide and may get rid of all of the confidential info it collected throughout due diligence.