TOKYO (Reuters) -The board of Japan's Fuji Soft will continue to support the first stage of a 558.4 billion yen ($3.72 billion) buyout offer from KKR, it said on Friday, despite having received a higher counter-offer from Bain Capital.

Fuji Soft Inc. is standing by KKR & Co.’s tender for its shares despite receiving a higher bid from Bain Capital that’s won the support of the Japanese software developer’s founder.Most Read from BloombergA Broken Oil Pipeline Plunges South Sudan’s Capital Into ChaosInside the ‘Utopias’ of Mexico CityOne City’s Plan to Re-Link a Neighborhood That Robert Moses DividedCities Look to AI to Flag Residents’ Trash and Recycling MistakesChicago Should Consider Furloughs,

Fuji Soft bord reportedly accepts KKR's $3.72B bid over Bain's higher offer. Founder urges support for Bain's bid despite board's backing of KKR.

The board of Japan's Fuji Soft has decided to stick with a 558.4 billion yen ($3.72 billion) buyout offer from KKR, the Nikkei newspaper said on Friday, despite having received a higher counter-offer from Bain.

Fuji Soft has become the focus of a tug-of-war between KKR and Bain, two of the giants of global private equity, both of which have been active in Japan for some years