Japan software developer Fuji Soft has been in talks with private equity firms over potential buyouts as part of a strategic review prompted by its top shareholder, the company said on Friday.

The Yokohama-based company received buyout proposals from multiple private equity firms last September, Fuji Soft’s statement said, adding that the proposals were in response to requests from Fuji Soft’s biggest investor, 3D Investment Partners, and not something the company requested.

Fuji Soft has since launched a special committee of six independent board directors for its discussions with the private equity firms, the company said.

The statement also said Fuji Soft will examine various options to maximise the value of the company and that the ongoing review is not based on the presumption that it would be taken private.

According to the latest large share ownership reports, Singapore-based 3D owns 21.45% of the $2.9 billion company while US hedge fund Farallon Capital Management holds 8.66%.