Kakaku.com, Inc. (2371) said on Oct. 27 that Bain Capital and LY Corp. (LINE Yahoo) proposed raising the planned tender offer price of their vehicle BCPE Blitz Cayman, L.P. to ¥3,700 per share, or ¥3,720 if a non-tender agreement can be reached with KDDI Corp.
According to an Oct. 26 statement from Bain Capital and LY, all clearances required for the BCPE Blitz tender offer had been obtained as of that date. BCPE Blitz plans to launch the offer promptly once Kakaku.com's board, following a recommendation from its special committee, resolves to endorse the bid and recommend that shareholders tender, and expects a start in mid-November 2026.
Kakaku.com currently supports a competing tender offer by Kamgras 1 K.K. for its common shares and stock acquisition rights, while remaining neutral on whether shareholders should tender. That position is unchanged. The company said it considers the Oct. 26 proposal a qualified counter-proposal under its tender offer agreement with Kamgras 1, and on Oct. 27 asked Kamgras 1 to discuss changing its offer price.
According to BCPE Blitz, if Kamgras 1 does not raise its price to at least the BCPE Blitz level within the deadline, Kakaku.com would be released from its obligation under the agreement to support the Kamgras 1 bid, satisfying a precondition for the BCPE Blitz offer.
Kakaku.com said it is undesirable for the Kamgras 1 offer period to keep being extended while the BCPE Blitz offer remains unlaunched for a prolonged period. Because the two offers cannot coexist, its board and special committee will continue talks with both sides to assess which deal better serves corporate value and shareholders' common interests, and each offer's likelihood of success. The company said the disclosure does not express its opinion on the BCPE Blitz offer.
Next steps: Kamgras 1 has 10 business days, counting from the business day after Kakaku.com's request, to decide whether to raise its price. BCPE Blitz expects to launch its offer in mid-November 2026.
| 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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