EQT raises Kakaku.com bid to JPY3,570 as Bain-led consortium rivalry intensifies
EQT has increased its offer for Japanese price comparison platform Kakaku.com to JPY3,570 per share, escalating a closely fought takeover contest with Bain Capital and LY Corp, according to a report by Bloomberg.
EQT has raised its bid for Japanese price comparison platform Kakaku.com to JPY3,570 per share, intensifying a fierce takeover battle with Bain Capital and LY Corp, reported Bloomberg. The new proposal, disclosed on Thursday, surpasses EQT’s earlier offer of JPY3,450 per share and now exceeds the JPY3,520 per share being offered by the Bain-LY consortium.
Backed by Kakaku.com’s board, EQT has also extended the tender offer deadline to August 27 from August 17. The bidding war may escalate further, as Bain and LY, a SoftBank affiliate and operator of Japan's leading messaging platform, have hinted at potentially increasing their offer to up to JPY3,640 per share if they gain the backing of Kakaku shareholder KDDI.
The Bain-led group plans to launch their tender offer in mid-September. Kakaku.com's top shareholders, Digital Garage, Oasis Management, and KDDI, collectively hold nearly 60% of the company, which could prove crucial in deciding the contest’s outcome. The latest EQT bid arrives amid some challenges for Kakaku.com, which recently reported first-quarter operating income falling short of analyst estimates.
Despite the earnings disappointment, investor interest in the business remains robust. As of Thursday, Kakaku.com shares were trading at JPY3,714, giving the company a market capitalisation of roughly $4.6bn.
Written by urgent.news from Private Equity Wire's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
