Kakaku.com, the Tokyo-listed operator of Japan's price-comparison site of the same name, is now the subject of a rival bid that has already forced a change to the timetable for its planned delisting. On July 29, 2026, Bain Capital and LINE Yahoo offered ¥3,520 a share, or ¥3,640 if they can secure a side agreement with KDDI not to tender its stake, topping the ¥3,450 a share that Kamgras 1, the special purpose vehicle running the existing tender offer, had been offering.
Kamgras 1's own offer had already been revised once. The offeror raised its price from ¥3,000 to ¥3,450 on July 17, 2026, and pushed its deadline back to August 3 for a total of 58 business days. Faced with the higher outside offer, Kakaku.com's board asked Kamgras 1 on July 29 to renegotiate its price under the terms of their existing tender agreement. Kamgras 1 responded on July 31 by filing an amended tender offer statement that extends the offer period to August 17, 2026, ten business days after the filing date and 67 business days in total.
The rival proposal from Bain Capital and LINE Yahoo, delivered through the vehicle BCPE Blitz Cayman, L.P., is not yet a formal tender offer. If launched, its terms call for a minimum acceptance of 131,805,000 shares, which would leave the vehicle holding a 66.05% stake, and a 20 business day tender window. The consortium expects to open the bid around mid-September 2026, but only once Kakaku.com's board formally recommends it and the special committee finds that recommendation appropriate.
| Bidder | Price per share | Status (as of August 3, 2026) |
|---|---|---|
| Kamgras 1 (current tender offeror) | ¥3,450 | Tender period extended to August 17, 2026 (67 business days total) |
| Bain Capital / LINE Yahoo (via BCPE Blitz Cayman, L.P.) | ¥3,520 (¥3,640 if KDDI agrees not to tender) | Proposal received July 29, 2026; not yet launched as a formal tender offer |
One shareholder is already locked into the rival camp. Oasis, which had separately agreed to tender into the Bain Capital and LINE Yahoo offer, signed a side letter on July 27 tying its commitment to the ¥3,520 (or ¥3,640) price. Under that agreement, Oasis must tender into the rival bid unless Kamgras 1 raises its own offer to at least ¥3,556 a share through a comparable formal process.
As of August 3, Kakaku.com's special committee has not changed its earlier assessment, and the board continues to leave the tender decision to individual shareholders and warrant holders. The two offers cannot both succeed. The board and the committee say they will now negotiate with both camps to work out which transaction serves shareholders better, with Kamgras 1's extended window running to August 17.