Hedge fund Oasis call for higher bid for Japan’s Kakaku.com amid takeover battle

Hedge fund Oasis Management Company Ltd., which holds about 19.5% of Japanese online marketplace Kakaku.com Inc., has urged the platform to back a higher takeover price during a bidding war. On August 13, 2026, the investment firm made it clear it will not tender its shares in the low bid of 3,570 yen per share from an EQT-led group.

This offer was announced on the same day as a rival proposal from Bain Capital and LY Corp. The latter's bid stands at an even higher 3,640 yen per share, but Oasis considers it unrealistic as it depends on cooperation from Kakaku's major shareholder, KDDI Corp.

The company's board had previously backed the EQT offer. However, Oasis insists on continuing dialogues with them, including a request to tender its shares if the EQT offer doesn't rise above 3,640 yen. Oasis requested Kakaku.com, its board, and the Special Committee to either drop support for the Kamgras 1 tender or negotiate a more favorable price.

The rivalry between Bain and EQT intensified this year, as the cash-rich online platforms and relatively low valuation of Kakaku made it an appealing takeover target. Private equity firms were drawn to the firm's potential for corporate governance improvements, especially after Oasis disclosed a significant stake in Kakaku, despite being known as an activist investor.

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