KKR (KKR.US) is set to launch a takeover bid for Fuji Software this week, beating Bain Capital to the punch, according to reports.

Intelligible Finance learned that Kkr Group (Kkr.US) decided to advance the starting date of its tender offer for Fuji Soft Inc. to September 5 to beat its rival private equity firm Bain Capital. Kkr is accelerating its plan to acquire the Yokohama-based software company, which was originally scheduled to start in September mid-month, according to the sources.

Bain Capital submitted an unbinding acquisition proposal for Fuji Soft, offering a price 5% higher than Kkr's bid of 8,800 yen per share, or about 9,200-9,300 yen per share. Fuji Soft's stock price rose 7.4% to a record high of 9,630 yen in Tokyo trading on Wednesday, far above the acquisition offer price.

Bain Capital said it plans to submit a binding proposal as early as October to start a possible privatization acquisition in November. Kkr's new accelerated acquisition plan increased the possibility of completing the acquisition before Bain's formal acquisition offer. Fuji Soft said in August that it agreed to Kkr's acquisition offer, even though it received a higher bid, because it believed Kkr's offer was binding and would be realized.