Kakaku.com's go-private deal picked up an odd increment on August 27: Kamgras 1 KK, the EQT-backed vehicle chasing full ownership of the price-comparison site (TSE: 2371), raised its tender offer price by exactly one yen, to ¥3,571 a share, and pushed its deadline back to September 10, 2026. The move stretches the total tender window to 85 business days, up from 75, since the offer first opened May 13.
The bigger news is buried in the same filing: a rival suitor's grip on one of Kakaku.com's largest shareholders has come undone. Oasis Management Company Ltd., which holds 19.52% of Kakaku.com (38.7mn shares), had signed a July 1 agreement committing 38,200,548 of those shares to a competing offer from BCPE Blitz Cayman, L.P. if that bidder ever launched one and matched certain price conditions. Kamgras's August 13 price increase, to ¥3,570, started a five-business-day clock under that agreement: BCPE had until August 20 to match or beat the new price. It didn't. On August 19 BCPE told Kakaku.com it had no plans to raise its offer during the remainder of Kamgras's tender period, and the Oasis-BCPE agreement lapsed the next day.
That leaves Oasis's near-fifth stake unattached to any rival deal for the first time since the takeover contest opened. Kamgras's consortium, which also includes Digital Garage and KDDI under a separate non-tender agreement, says it is now in talks to persuade Oasis to tender into its own offer, though "no facts have been determined at this stage".
| Item | Aug. 13 Terms | Aug. 27 Terms |
|---|---|---|
| Offer price per common share | ¥3,570 | ¥3,571 |
| Tender offer period ends | August 27, 2026 | September 10, 2026 |
| Total tender period | 75 business days | 85 business days |
| Settlement start date | September 3, 2026 | September 17, 2026 |
| Self-share acquisition price (post squeeze-out) | ¥2,902 | ¥2,903 |
The one-yen bump also nudges the mechanics of the deal's endgame. After the tender offer, Kamgras plans to squeeze out remaining holders through a share consolidation, then have Kakaku.com itself buy back the non-tendered shares as treasury stock; that self-share purchase price rises to ¥2,903 from ¥2,902, intended to keep after-tax proceeds roughly equivalent whether a holder tenders now or is bought out later. The total funds required for the tender, including fees, climbs to about ¥435.96bn from ¥435.83bn, and settlement for shares tendered now shifts two weeks later, to September 17, 2026.
None of this changes the takeover's basic shape: Kamgras still needs a minimum of roughly 34.9mn shares tendered to proceed, and Kakaku.com's board still supports the deal while leaving shareholders to decide for themselves whether to tender, a neutral stance it adopted in July. What has changed is who holds the stronger hand. With BCPE's rival campaign boxed out of Oasis's votes for now, the fund's next move, tender, hold, or push Kamgras for better terms, is the open question in a deal that has been repriced repeatedly since it opened in May.