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SoftBank-backed LY Corp and private equity firm Bain Capital have increased their takeover offer for Japanese price-comparison website operator Kakaku.com, raising the company’s valuation to approximately 670 billion yen ($4.12 billion) and strengthening their position in an increasingly competitive acquisition battle against Swedish investment firm EQT.
In a legally binding announcement released late Wednesday, LY Corp and Bain Capital said they would increase their offer price for all outstanding Kakaku.com shares to 3,384 yen each, up from the previous proposal of 3,232 yen submitted in May. The revised bid reflects the consortium’s continued determination to secure control of one of Japan’s leading online comparison and consumer information platforms.
The bidding group also introduced an additional incentive tied to shareholder support. According to the proposal, the offer price would rise further to 3,500 yen per share if telecommunications company KDDI Corp, one of Kakaku.com’s largest shareholders, agrees to back the acquisition.
The higher offer has prompted Kakaku.com to reassess its position in the takeover process. In a statement released Thursday, the company said it would begin discussions with EQT regarding a potential increase in the Swedish firm's current offer price of 3,000 yen per share.
At the same time, Kakaku.com announced that it had withdrawn its earlier recommendation urging shareholders to accept EQT’s bid. Instead, the company has adopted a neutral stance while it evaluates both proposals and continues negotiations with the competing bidders.
The latest move intensifies the contest for Kakaku.com, with both investment groups seeking to win shareholder support through improved terms. Investors will now closely monitor whether EQT responds with a higher offer and whether KDDI decides to support the SoftBank LY Corp and Bain Capital bid, a decision that could further increase the purchase price and influence the outcome of one of Japan’s most closely watched corporate takeover battles.
Based on the latest exchange rate, $1 equals approximately 162.49 Japanese yen.
