U.S. private equity firm Bain Capital said on Monday it will not launch a tender offer for Fuji Soft, formally ending a takeover battle with rival KKR for the Japanese IT company. Bain had said last week it might withdraw its proposal for Fuji Soft,

The U.S. private-equity firm said t decided not to begin a tender offer for the Japanese software company after consulting with Fuji Soft founder Hiroshi Nozawa.

Bain Capital said it will give up its pursuit of Fuji Soft Inc., ending a months-long bidding war with KKR & Co. to take the Japanese software company private. Most Read from BloombergProgressive Port

TOKYO (Reuters) - U.S. private equity firm Bain Capital said it may withdraw its tender offer proposal for Japanese IT firm Fuji Soft, after rival suitor KKR raised its offer above Bain's in a protracted bidding war.

U.S. private equity firm, Bain Capital, announced on Monday that it will not proceed with a tender offer for Japanese IT company, Fuji Soft, marking the end of a prolonged takeover battle with rival firm KKR.