Kamgras 1, the bidder taking price-comparison site operator Kakaku.com private, raised its tender offer price for the fourth time on September 10, lifting it to ¥3,680 a share from ¥3,571 and pushing the deadline back three weeks to September 29. The extension brings the offer period to 95 business days since it opened on May 13.
The increase directly answers Oasis, an investor that said publicly on August 18 it would not support any bid below ¥3,640 a share. At ¥3,680, Kamgras 1 has cleared that threshold, and the acquirer says it now believes the odds of Oasis eventually tendering have "considerably increased." No tender agreement with Oasis has been signed.
Digital Garage and KDDI are locked out of the tender altogether, but locked into the rest of the deal. Digital Garage, holding 40,917,700 shares (20.64% of the company), and KDDI, holding 35,016,000 shares (17.67%), have signed non-tender agreements committing their combined 75,933,700 shares, 38.31% of the 198,218,300 shares outstanding, to sit out of the offer and instead back the share consolidation that will squeeze out remaining minority holders if Kamgras 1 cannot buy every share it wants.
| Item | Detail |
|---|---|
| Tender price | ¥3,680 per share (up from ¥3,571) |
| Tender deadline | September 29, 2026 (extended from September 10) |
| Digital Garage stake | 40,917,700 shares (20.64%), non-tendering |
| KDDI stake | 35,016,000 shares (17.67%), non-tendering |
| Combined blocking stake | 75,933,700 shares (38.31% of 198,218,300 outstanding) |
| Post-squeeze-out buyback price | ¥2,992 per share (up from ¥2,903) |
After that squeeze-out, Kakaku.com itself will buy back the entire non-tendered stake from Digital Garage and KDDI, at a price the parties have raised to ¥2,992 a share from ¥2,903. Digital Garage plans to recycle part of that payout into roughly a 20% voting stake in Kamgras 1's parent company, keeping an economic foothold in the business once it delists.
The KDDI agreement also complicates life for the rival proposer competing for Kakaku.com. Kamgras 1 already holds a non-tender agreement with KDDI, so for that rival to satisfy its own precondition of separately locking up KDDI, Kamgras 1 argues the rival would have to launch an all-shares tender aimed at taking Kakaku.com private at a price at least 2% above the current offer, ¥3,754 as of September 10. Kamgras 1 says that makes the rival's earlier-floated ¥3,640 price unrealistic given the condition attached to it.
Financing has grown alongside the price. Kamgras 1's parent will now contribute up to ¥225.0bn in equity, up from ¥211.0bn, alongside as much as ¥225.0bn in loans from six lenders: Sumitomo Mitsui Banking, Mizuho Bank, Nomura Capital Investment, Bank of Yokohama, Kiraboshi Bank and Aozora Bank. The tender needs at least 34,941,000 shares to succeed; at that minimum, the bidder and parties specially related to it would hold a combined 17.51% of the company.
At ¥3,680, the offer sits 32.66% above Kakaku.com's ¥2,774 closing price the day before the deal was announced, and 73.50% above the ¥2,121 close that preceded press speculation about a takeover. If the tender closes on schedule, Kamgras 1 expects settlement around October 6, a shareholder vote on the squeeze-out in mid-November, and the buyback in early January 2027.