SoftBank-backed LY Corp and Bain Capital have increased their offer for Japanese price comparison operator Kakaku.com, valuing the company at more than $4bn and moving ahead of a competing take-private proposal from EQT, according to a report by Reuters.
The report cites a statement on Thursday as confirming that the consortium is now offering JPY3,232 per share in an all-cash transaction, representing a 7.7% increase from its prior proposal of JPY3,000 per share. LY said Kakaku’s portfolio of digital assets carries “exceptionally high strategic importance,” particularly in the context of accelerating adoption of generative AI technologies. LY operates major internet platforms in Japan, including the Line messaging service and Yahoo Japan.
The revised bid exceeds EQT’s recently launched tender offer, which is also priced at JPY3,000 per share and has already received unanimous support from Kakaku’s board.
EQT said it continues to stand behind its binding offer, arguing that it provides deal certainty, deep sector expertise, and a long-term ownership approach aimed at supporting Kakaku’s next phase of growth.
Kakaku runs several online platforms, including its flagship price comparison site, the restaurant review and booking service Tabelog, and job search platform Kyujin Box. The company did not immediately respond to requests for comment.
Market reaction suggested expectations of further competitive pressure, with Kakaku shares edging higher in afternoon trading, while LY shares declined.
The bidding contest follows a series of high-profile auctions in Japan’s tech sector, including last year’s battle for software developer Fuji Soft, ultimately won by KKR over Bain Capital.
Digital Garage and KDDI, which collectively hold a significant stake in Kakaku, have agreed to tender their shares into EQT’s offer, while both reportedly declined further comment.
