EQT extends Kakaku.com bid to November 12 at ¥3,683 a share
Bain Capital and LY Corp propose ¥3,700 a share, or ¥3,720 with KDDI’s support, but need Kakaku.com’s board to back a launch planned for mid-November.
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Bain Capital and LY Corp propose ¥3,700 a share, or ¥3,720 with KDDI’s support, but need Kakaku.com’s board to back a launch planned for mid-November.
Private equity firm EQT extended its offer for Japanese internet company Kakaku.com on October 28, 2026, giving shareholders until November 12 to sell their shares through the offer at ¥3,683 each. The extension—the tenth—keeps EQT’s offer open while Bain Capital and internet company LY Corp pursue a higher-priced proposal.
The contest for the roughly $5 billion company began with EQT’s bid in May. Bain then joined LY to submit a rival offer, and EQT has raised its price seven times during the bidding battle, Reuters said in its October 28 report carried by CNA.
A tender offer invites shareholders to sell their shares at a stated price within a set period. EQT’s offer is open; Bain and LY’s remains a proposed tender offer that requires Kakaku.com’s board to support its launch.
| Bidder | Price per share | Status and conditions |
|---|---|---|
| EQT | ¥3,683 | Open until November 12 |
| Bain Capital and LY Corp | ¥3,700 | Proposed; launch requires Kakaku.com board support |
| Bain Capital and LY Corp, with KDDI support |
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| ¥3,720 |
| Higher price conditional on KDDI’s support; board support still required for launch |
KDDI, a Japanese telecommunications operator, is Kakaku.com’s third-largest shareholder. LY raised the proposed price from ¥3,597 to ¥3,700 on October 26; the ¥3,720 price conditional on KDDI’s cooperation was unchanged, Reuters said in its October 26 report.
LY operates the Line messaging app and Yahoo Japan internet portal. LY says it sees opportunities to connect those businesses with Kakaku.com’s price-comparison website and restaurant-review service Tabelog.com. Those connections include directing customers to LY’s online services and linking them to payments through SoftBank’s PayPay digital wallet.
Carlyle partner Yusuke Watanabe said companies operating in a takeover target’s sector may see more growth potential than investment funds bidding alone, helping explain the interest in joint bids.
LY said on October 26 that competition-law clearances had been obtained, but a supporting resolution from Kakaku.com’s board remained a prerequisite to launching the rival tender offer. LY anticipated a mid-November 2026 start, rather than giving a confirmed opening date. EQT’s current deadline for shareholders to tender their shares is November 12.
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