(Bloomberg) -- Trend Micro Inc. shares jumped the most since November 2023 on reports that several private equity firms are vying to take over the $8.5 billion Japanese cybersecurity firm.
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Bain Capital, Advent International and EQT AB are among firms expressing interest in taking the company private, Reuters reported, citing unidentified sources. KKR may also be involved, the agency said.
Shares of Trend Micro, which competes against the likes of McAfee, soared as much as 16% Thursday morning in Tokyo.
Japan is seeing a surge in buyout activity, fueled by a weak yen and regulatory pressure on companies to boost shareholder returns. Activists have also ramped up their buying, setting a record for investing in Japan with purchases of at least ¥1.2 trillion ($7.8 billion) worth of Japanese stocks, according to data compiled by Bloomberg Intelligence.
Many would-be buyers end up targeting the same companies, however. Last year, Blackstone Inc. inked a $1.7 billion deal for Japanese romance manga provider Infocom Corp. after bidding against KKR and Sony Music Entertainment. KKR is now fighting Bain in a battle over Fuji Soft Inc.
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