Kamgras 1 Kabushiki Kaisha, the acquisition vehicle bidding to take Kakaku.com (TSE: 2371) private, pushed back its tender offer deadline for the fourth time since the bid opened, filing a correction notice on July 31, 2026 that stretches the offer period to August 17 from an earlier August 3 cutoff. The offer has now run, or will run, 67 business days since it opened on May 13. The July 31 correction was the ninth submission tied to Kamgras's original tender offer statement, following amendments filed on May 19, May 27, June 4, June 17, July 2, July 7 and July 17.
The extension follows a direct challenge to the deal. On July 29, BCPE Blitz Cayman, L.P., a limited partnership wholly owned and operated by Bain Capital Private Equity, LP and formed on June 1 under Cayman Islands law specifically to invest in Kakaku.com, announced plans to launch a competing tender offer. Kakaku.com disclosed the next day, July 30, that Bain Capital and LINE Yahoo had submitted an upgraded proposal to raise the offer price, building on a binding proposal the two had made on July 1 for a take-private deal followed by a squeeze-out.
Kamgras had already raised its own offer once, lifting the price from ¥3,000 to ¥3,450 per common share on July 17 and extending the deadline to August 3, for 58 business days total. In the July 31 filing, Kamgras argues that the July 1 rival proposal's genuinely achievable price was ¥3,384, a figure it says its own ¥3,450 offer already beats. It dismisses the ¥3,500 headline figure in that rival proposal as unworkable because it depended on a non-tender agreement between the rival bidders and KDDI that Kamgras does not consider realistic.
| Date | Development |
|---|---|
| July 17, 2026 | Kamgras raises offer price to ¥3,450 per share; deadline extended to August 3 (58 business days) |
| July 29, 2026 | Kakaku.com asks Kamgras to discuss a price revision; Bain Capital's Cayman vehicle announces plan for a rival tender offer |
| July 30, 2026 | Kakaku.com discloses an upgraded proposal from Bain Capital and LINE Yahoo |
| July 31, 2026 | Kamgras extends its deadline to August 17 (67 business days); settlement pushed to August 24 |
Kakaku.com asked Kamgras on July 29 to discuss revising its offer price again. Kamgras says it has opened talks but had made no decision as of July 31. Kamgras is seeking 1,219,057 voting rights, equal to 61.63% of Kakaku.com's total, and is aiming for full ownership once the deal closes. The extension also pushes back payment: shareholders who tender will now be settled from August 24 rather than August 10. Whether Kamgras raises its price again, and by how much, is unresolved, leaving Kakaku.com shareholders to weigh a certain ¥3,450 against the prospect of a higher, but not yet finalized, counter-bid.