Kakaku.com has asked its existing suitor to discuss its offer price. In a notice dated 27 October 2026, the company said it believes the latest proposal from a Bain Capital and LINE Yahoo vehicle is likely to count as a qualified competing offer under its tender offer agreement with Kamgras 1, and on the same day it asked Kamgras 1 for consultation on the offer price. For the earlier price move, see Earlier Tokyo Brief coverage.
The rival terms
On 26 October, Bain Capital and LINE Yahoo proposed raising the price of the planned BCPE Blitz Cayman, L.P. offer to ¥3,700 a share. The price becomes ¥3,720 if a non-tender agreement can be signed with KDDI. BCPE Blitz is a limited partnership formed by Bain Capital funds and group, with indirect investment planned from LINE Yahoo. The planned offer covers both shares and share acquisition rights.
According to LINE Yahoo's release, as Kakaku.com summarises it, all regulatory clearances needed to run the BCPE Blitz offer were complete as of 26 October. The offer will start promptly once Kakaku.com's board expresses support and recommends tendering, which requires the special committee to find that course appropriate. BCPE Blitz expects to launch in mid-November 2026.
The ten-day clock
LINE Yahoo's release sets out a trigger. If, within 10 business days counted from the business day after Kakaku.com's approach to Kamgras 1, the Kamgras 1 price is not raised to at least the BCPE Blitz price, Kakaku.com is released from its obligation to support the Kamgras 1 offer under their agreement. BCPE Blitz then expects the board to back its higher offer. The notice does not state Kamgras 1's current offer price.
Kakaku.com's stance
The board's position on Kamgras 1 is unchanged. It supports that offer and stays neutral on whether shareholders should tender, leaving that decision to shareholders and to holders of share acquisition rights.
Kakaku.com also said that a prolonged state of repeated extensions to the Kamgras 1 offer period, with no BCPE Blitz offer started, is undesirable for corporate value and ordinary shareholders. The company said the two offers cannot both go ahead. The board and special committee will keep talking to Kamgras 1 and the Bain Capital and LINE Yahoo group, and will weigh which deal better serves corporate value and shareholders, including how likely each offer is to succeed.
The notice is not Kakaku.com's opinion on the BCPE Blitz offer, which has not yet been launched. The company said it will announce promptly any further matters it decides to disclose.