Bain Capital is set to increase its offer for the acquisition of Japanese software company Fuji Soft. According to a recent report, Bain Capital plans to propose a purchase price of 9,600 yen ($63.35) per share.

This new bid outpaces the latest offer from KKR, another major player in private equity, who had previously raised their tender offer to 9,451 yen per share. Bain Capital’s offer represents a 1.6% premium over KKR’s bid.

Fuji Soft, valued at approximately $4 billion, has become a focal point in the ongoing contest between Bain Capital and KKR. The heightened interest in the company underscores Japan’s increasing appeal as a destination for investment, particularly from private equity firms.

The battle for control of Fuji Soft comes against the backdrop of a surge in merger and acquisition activity in Japan. The country has witnessed a record influx of inbound M&A transactions, totaling $81 billion within the first ten months of the current year, as per data from London Stock Exchange Group (LON:LSEG).

This figure marks a substantial increase, being 17 times higher than the volume recorded during the same period in the previous year.

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