Kamgras 1, the acquisition vehicle backed by EQT, filed an amended tender offer document on August 13 raising its bid for Kakaku.com, Inc. (TSE Prime: 2371) to ¥3,570 a share from ¥3,450. The offer period is extended to August 27, for a total of 75 business days since the tender opened on May 13, and the settlement start date moves back nine days, to September 3 from the previously stated August 24.
This is Kamgras 1's second price increase since launch, not its first. It raised the price from ¥3,000 to ¥3,450 on July 17 and extended the offer period to August 3 at that time. It extended the period again, to August 17, on July 31 to give shareholders time to weigh a rival move. The latest ¥3,570 price follows a July 29 counter-proposal from a consortium led by Bain Capital's BCPE Blitz Cayman, L.P. vehicle and LINE Yahoo Corporation, which prompted Kakaku.com's board to formally ask Kamgras 1 to reconsider its terms.
| Date | Change | Detail |
|---|---|---|
| July 17, 2026 | Price increase | Raised from ¥3,000 to ¥3,450 per share; offer period extended to August 3 (58 business days total) |
| July 31, 2026 | Period extension | Extended to August 17 (67 business days total) after Bain Capital/LINE Yahoo counter-proposal was disclosed |
| August 13, 2026 | Price increase | Raised from ¥3,450 to ¥3,570 per share; offer period extended to August 27 (75 business days total); settlement pushed to September 3 |
Kamgras 1's case for why its ¥3,570 offer beats the rival's implied ¥3,640 price rests on a lock-up with KDDI Corporation. Kamgras 1 already holds a non-tender agreement with KDDI, a major Kakaku.com shareholder. Because of that agreement, the rival's own proposal, which is contingent on securing its own non-tender deal with KDDI, would only trigger if the rival launched a full tender offer, aimed at delisting Kakaku.com entirely, at a price at least 2% above Kamgras 1's own bid. As of August 13, that threshold works out to ¥3,642, above what the rival has actually proposed. Kamgras 1 says its ¥3,570 price exceeds the ¥3,520 it considers the rival's realistically deliverable price under the July 29 proposal, and argues its own offer is stronger on both certainty of completion and speed of execution.
The amendment also resets the terms for shareholders who choose not to tender. Kamgras 1 raised the price it will pay in a post-squeeze-out treasury share buyback to ¥2,902 a share from ¥2,805, a figure designed so that after-tax proceeds for non-tendering holders roughly match what they would net by tendering, given how deemed-dividend tax treatment applies to the buyback. Separately, Kamgras 1 confirmed that ¥3,570 satisfies a price condition in its agreement with the shareholder identified in the filing as Oasis, releasing Oasis from its obligation to tender, and said it intends to request Oasis's participation in the offer going forward.
Kakaku.com's special committee has not changed its earlier assessment as of August 13. The company's board still says it supports the tender offer while leaving the decision of whether to tender shares, or exercise stock options into it, to individual shareholders and option holders. That leaves the practical decision with the market: shareholders and warrant holders now have until August 27 to decide whether to accept Kamgras 1's ¥3,570 price, with settlement due September 3 if the offer succeeds.