Bain and SoftBank Lead in Bid for Kakaku with Revised Offer

SoftBank and LY Bain have raised their bid for Kakaku, widening the lead over EQT's offer. The new bid follows EQT's extended offer period for Kakaku.

SoftBank's LY Corp and Bain Capital have again raised their offer to take Japanese price-comparison operator Kakaku.com private, widening their lead over a rival bid from Sweden's EQT. In a legally binding proposal, LY and Bain lifted their offer to 3,384 yen per share from 3,232 yen, valuing Kakaku.com at about 670 billion yen (roughly $4.1 billion).

The bidders said they would raise the price further to 3,500 yen per share if KDDI, one of Kakaku.com's largest shareholders, backs the deal. EQT, whose standing offer is 3,000 yen per share, responded by extending its tender-offer period by two weeks to July 16. Kakaku.com withdrew its recommendation for the EQT bid and moved to a neutral stance, saying it would engage with both parties.

LY and Bain said they would not formally launch their offer without a supportive opinion from Kakaku's board, which could push the start to around September. The escalating contest highlights strong private-capital and strategic interest in profitable Japanese internet platforms. Investors will watch whether KDDI's stance tips the balance and whether EQT counters before its extended deadline.