KKR and Bain Capital have already broken the unspoken rule of the global private equity industry: do not fight your battles in public. Now the Tokyo market is asking: how high and how hard will they go in their $4bn fight to acquire Fuji Soft?
This month, KKR openly accused Bain of bidding in bad faith, while Bain has, in effect, accused its rival of exploiting activist investor influence over the IT services company to get an edge on the deal.
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