U.S. private equity firm KKR has sweetened its offer for Japan's Fuji Soft by 4%, the latest salvo in its protracted and messy bidding war with Bain Capital for the $4 billion IT firm. The saga underscores an increasingly competitive dealmaking environment in Japan,

Private equity giant KKR (KKR) has upped its offer price for Japan-based IT company Fuji Soft in its ongoing complex takeover battle with U.S.

U.S. private equity firm KKR KKR-N -2.30% has sweetened its offer for Japan’s Fuji Soft by 4 per cent, the latest salvo in its protracted and messy bidding war with Bain Capital BCSF-N -0.06% for the $4-billion IT firm.

U.S. private equity firm KKR will raise its tender offer price for Japanese IT company Fuji Soft to 9,850 yen a share from 9,451 yen, above Bain Capital's rival offer of 9,600 yen, a person familiar with the deal said on Tuesday.

The U.S. investment company bought a more than one-third stake in Fuji Soft in November and has said it is best positioned to work with the company to take it private.

KKR & Co. raised its offer price for Fuji Soft Inc. to fend off a rival bid from Bain Capital, the latest chapter in a months-long battle for the Japanese software company.