Kamgras 1 K.K., the vehicle running a tender offer to take Kakaku.com (TSE: 2371) private, raised its bid by exactly one yen, from ¥3,570 to ¥3,571 per common share, and pushed the offer period out to September 10, 2026, according to an amendment notice filed August 28. The linked treasury-share buyback price, the amount Kakaku.com will later pay non-tendering shareholders once the company is squeezed off the exchange, also rose by a yen, to ¥2,903.
Why one yen resets the clock
The increase looks trivial next to the sums involved, but it is not cosmetic. Under Japanese tender-offer rules, any price revision filed during the offer window forces a mandatory extension of ten business days from the date of the revised filing. Because Kamgras 1 filed its correction on August 27, the deadline moved from that date to September 10, stretching the total offer period to 85 business days, more than four times the 20-business-day statutory minimum.
| Revision date | Tender offer price (per share) | Treasury buyback price (per share) | New tender deadline | Total business days |
|---|---|---|---|---|
| August 13, 2026 | ¥3,570 | ¥2,902 | August 27, 2026 | 75 |
| August 27, 2026 | ¥3,571 | ¥2,903 | September 10, 2026 | 85 |
It is the second such move this month. Kamgras 1 lifted its price from ¥3,450 to ¥3,570 on August 13, extending the deadline from August 17 to August 27, before the latest one-yen tweak on August 27.
A rival's tender pact lapses
The repeated increases trace back to a competing approach from BCPE Blitz Cayman, L.P., a vehicle formed by funds advised by Bain Capital Private Equity, LP, with indirect investment expected from LINE Yahoo Corporation. As of August 19, Bain Capital told Kakaku.com it had no plans to raise its own proposal during the tender window that was then set to close August 27.
Separately, a tender agreement between the Bain Capital vehicle and shareholder Oasis expired on August 20 after Bain did not exercise a five-business-day option to match a higher rival price, a right built into their agreement. That leaves Oasis no longer bound to tender into a Bain Capital offer, though the filing notes discussions with Oasis, including a possible request that it tender into the Kamgras 1 offer instead, are ongoing with nothing decided.
What has not changed
Kakaku.com's special committee, formed to weigh the going-private transaction, has not altered its findings, and the board's recommendation that shareholders may decide for themselves whether to tender remains as stated on July 2. At ¥3,571, the offer represents a 28.73% premium to the ¥2,774 closing price the day before the deal was announced in May and a 68.36% premium to the ¥2,121 price recorded before takeover speculation surfaced in April. The consortium behind Kamgras 1 includes private equity firm EQT alongside shareholders DG and KDDI, both of which have agreed not to tender their stakes and are expected to reinvest part of their buyback proceeds into the acquirer's parent company. A separate procedural change pushed the extraordinary shareholders' meeting needed to complete the share consolidation from mid-October to late October.