Kakaku.com's takeover fight just got another price bump. Kamgras 1 Kabushiki Kaisha, the EQT-backed vehicle bidding to take the price-comparison site private, raised its tender offer to ¥3,680 a share on September 10, 2026, up from ¥3,571, and pushed the deadline back three weeks to September 29. It is the fourth increase since the ¥3,000 opening bid in May, and it comes with a matching rise in the price Kakaku.com itself is set to pay when it buys back non-tendered shares after the squeeze-out, to ¥2,992 from ¥2,903.
| Date of change | Tender offer price (¥/share) | Self-share buyback price (¥/share) |
|---|---|---|
| July 17, 2026 | 3,450 | 2,805 |
| August 13, 2026 | 3,570 | 2,902 |
| August 27, 2026 | 3,571 | 2,903 |
| September 10, 2026 | 3,680 | 2,992 |
The increase has a specific target: shareholder Oasis, which said publicly on August 18 that it would not support any offer below ¥3,640 a share. Kamgras's new ¥3,680 price clears that bar, and the two sides are still discussing whether Oasis will tender its stake, though no agreement has been reached.
Kakaku.com's board, meanwhile, is keeping a second suitor in play. A consortium of Bain Capital and LINE Yahoo, bidding through a vehicle called BCPE Blitz Cayman, L.P., has proposed ¥3,520 a share, or ¥3,640 if it can secure a non-tender agreement with KDDI. On September 10 the board and its special committee wrote to that consortium asking whether it intends to raise its price now that Kamgras has moved to ¥3,680. Kamgras argues the rival group faces a structural constraint: because Kamgras already has KDDI locked into its own non-tender agreement, the consortium would need to bid at least 2% above Kamgras's price, or ¥3,754 as of September 10, to satisfy its own KDDI condition. The special committee's recommendation in favour of the Kamgras offer, first issued July 2, has not changed, and the company continues to leave the tender decision to individual shareholders.
The price escalation also shows up on the other side of the deal. Digital Garage, which holds a stake in Kakaku.com and signed its own non-tender agreement with Kamgras in May, filed an amended report with regulators on September 11 updating the financial consequences of the higher offer. Because the buyback price for its shares rose to ¥2,992, Digital Garage now expects a smaller standalone special gain of about ¥37bn, down from an earlier estimate of about ¥38bn, if the deal closes in the year to March 2027; its expected consolidated gain on the sale of an affiliate's shares is unchanged at about ¥30bn. Digital Garage plans to reinvest part of the proceeds to hold roughly 20% of the voting rights in the vehicle that will become Kamgras's ultimate parent, keeping an equity-method stake in Kakaku.com's ownership structure after the deal closes.
With the tender period now open until September 29, both camps have roughly three weeks to make their next move, and Kakaku.com's board has given no timetable for when it will finish weighing the rival proposal.