Kamgras 1 KK, the buyout vehicle seeking to take price-comparison site Kakaku.com private, has raised its tender offer price for a second time since May, to ¥3,570 a share, and pushed the deadline back to August 27. Kakaku.com's own correction to its formal opinion on the bid confirms the same terms: ¥3,570 per common share, with the offer now running 75 business days.
The offer opened on May 13 at ¥3,000 a share, targeting up to 121,905,767 shares, with the deadline extended twice on timing grounds alone before the price itself moved.
| Decision Date | Price per Share | Offer Period Ends |
|---|---|---|
| May 13, 2026 (offer opens) | ¥3,000 | July 2, 2026 |
| July 2, 2026 | ¥3,000 (unchanged) | July 16, 2026 |
| July 7, 2026 | ¥3,000 (unchanged) | July 22, 2026 |
| July 17, 2026 | ¥3,450 | August 3, 2026 |
| August 13, 2026 | ¥3,570 | August 27, 2026 |
Not every shareholder is tendering. Digital Garage, which counts Kakaku.com as an equity-method affiliate and holds 40,917,700 shares, a 20.64% stake, signed a non-tender agreement with Kamgras 1 on May 12 and is keeping its shares out of the bid. KDDI is doing the same with 35,016,000 shares. The two filed jointly, and their combined 75,933,700 shares compare with 198,218,300 shares outstanding.
Sitting out the tender is not the same as keeping the stock. If Kamgras 1 does not pick up every other share on offer, Kakaku.com plans to run a squeeze-out, most likely a share consolidation, leaving only the buyer and the two holdout shareholders on the register. Kakaku.com would then buy back all of Digital Garage's and KDDI's shares directly, without a public tender offer, since delisted stock no longer qualifies as the "listed securities" that Japan's tender offer rules cover. Digital Garage has told regulators it intends to put part of those proceeds into Kamgras 2 KK, the buyout vehicle's parent, taking a roughly 20% voting stake in whichever parent entity the buyer designates. That structure lets Digital Garage swap what would otherwise be a clean cash exit for continued equity exposure to whoever ends up controlling Kakaku.com, rather than walking away once the buyout closes.
The minimum Kamgras 1 needs to proceed has not changed: 34,941,000 shares, with no cap on the upper end. The filings do disclose a price for that later buyback: ¥2,902 per share before the share consolidation takes effect, a figure designed to leave non-tendering holders with after-tax proceeds similar to what tendering shareholders receive. What they do not show is the exact timing of that buyback, or whether the tender period moves again before its scheduled August 27 close.