LY Corporation (4689) said on Oct. 26 that a Bain Capital vehicle it plans to invest in indirectly raised its planned tender offer price for Kakaku.com, Inc. (2371) to ¥3,700 a share from ¥3,597, above rival bidder Kamgras 1's ¥3,682, while keeping it at ¥3,720 if a non-tender agreement with KDDI Corporation is reached.
The offer will be made by BCPE Blitz Cayman, L.P., a limited partnership formed by Bain Capital. The bidder first set the price at ¥3,520 (¥3,640 with a KDDI agreement) on July 29 and raised it to ¥3,597 (¥3,720) on Sept. 16. Under the proposed agreement, KDDI would not tender any of its 35,016,000 shares, a 17.55% stake, would vote for a share consolidation at an extraordinary shareholders' meeting to take Kakaku.com private, and would then sell its shares back to Kakaku.com.
Kamgras 1 raised its competing offer to ¥3,571 from ¥3,570 on Aug. 27, to ¥3,680 on Sept. 10, to ¥3,681 on Sept. 29 and to ¥3,682 on Oct. 14. The bidder said Kamgras 1's tender period is expected to run a total of 115 business days, with its latest two extensions based on ¥1 price increases, and that it considers the Kamgras 1 offer likely to fail.
| Benchmark | Share price | At ¥3,700 | At ¥3,720 |
|---|---|---|---|
| Close, April 22, 2026 | ¥2,121 | 74.45% premium | 75.39% premium |
| Close, Oct. 23, 2026 | ¥3,760 | 1.60% discount | 1.06% discount |
April 22 was the business day before media speculation about the Kamgras 1 offer on April 23. LY also considered a valuation report obtained from Goldman Sachs Japan Co., Ltd. on July 28.
All regulatory clearances required for the deal have been obtained. The bidder plans to launch the offer promptly once Kakaku.com's special committee recommends it and the board resolves to support the offer and recommend that shareholders tender.
| Hikari Tsushin, Inc. | |
| Offer price | ¥1,000 per common share |
| M&A / TOB | 1 |
| Guidance | 0 |
| Buybacks | 0 |
| Dividends | 0 |
| Capital | 0 |
| Earnings | 0 |
| People | 0 |
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