Bain Capital, a U.S. investment firm, and LY Corp. (YAHOF), an affiliate of SoftBank Corp. (SOBKY), are considering a fresh joint takeover offer for Kakaku.com Inc. (KKKUF), a Tokyo-based web-services company that operates online shopping price comparisons, restaurant bookings and job-search platforms. People familiar with the discussions said the possible proposal would likely exceed the 3,450, or $21.06, per-share offer submitted last week by EQT AB, a Stockholm-based private equity firm. A higher bid could escalate the takeover contest for Kakaku.com and may increase investor expectations that the company could attract improved acquisition terms.
Two people familiar with the deliberations said an offer could be presented within the coming days, although discussions remain ongoing and no final decision has been made. Kakaku.com shares have climbed almost 60% this year, giving the company a market value of approximately $4.5 billion. The strong share-price performance suggests investors have already responded to the competing takeover interest, while any further proposal could keep the stock sensitive to changes in bid value and timing.
EQT has extended its tender-offer period until August 3 and is holding discussions with Oasis Management, a Hong Kong-based shareholder in Kakaku.com. Kakaku.com continues to support EQT's tender offer, and company representatives have said that position remains unchanged. Bain Capital and Kakaku.com declined to comment, while LY Corp. did not respond to a request for comment, leaving investors focused on whether Bain Capital and LY Corp. will formally submit a higher competing offer.