Kamgras 1 K.K. has raised its tender offer for Kakaku.com ordinary shares by ¥1, to ¥3,682, and extended the offer period to October 28, according to a notice dated October 14. Settlement now starts on November 5, not October 21. Earlier Tokyo Brief coverage
What changed in the terms
The offer opened on May 13, 2026. Kamgras said it lowered nothing and added only the ¥1 step, from ¥3,681 to ¥3,682 per share, and filed an amendment to its tender offer registration statement on October 14. Under the law, the offer period must run 10 business days from that filing, which puts the new end date at October 28 and the total length at 115 business days, up from 105.
| Term | Before | After |
|---|---|---|
| Price per ordinary share | ¥3,681 | ¥3,682 |
| Offer period ends | October 14 (105 business days) | October 28 (115 business days) |
| Settlement starts | October 21 | November 5 |
The offer also covers share acquisition rights. The price for each of the 11 listed series, the 8th, 10th, 11th and 13th through 20th, stays at ¥1 per right.
Kamgras's case against the rival proposal
The notice is Kamgras's own document, and its criticism of the rival proposer is Kamgras's view. Kamgras says the rival's pre-announced tender offer, priced at ¥3,597, has no realistic path to launch while the Kamgras offer continues.
Its argument runs as follows. Under the May 12 tender offer agreement between Kamgras and Kakaku.com, Kakaku.com can back a rival offer and recommend that shareholders tender only if the rival price is at least Kamgras's price. Kamgras says that bar is now ¥3,682, up from ¥3,680 when the rival issued its September 16 press release. Kamgras also says the rival has moved its launch timing from mid-September 2026 to "undecided" despite having cleared the regulatory procedures it needs to start.
Kamgras makes a second claim about a conditional ¥3,720 price that the rival tied to reaching a non-tender agreement with KDDI. It says KDDI's agreement requires the rival price to be at least 2% above Kamgras's, a threshold it now puts at ¥3,756, from ¥3,755 after the previous change. On that reading, neither ¥3,597 nor ¥3,720 qualifies. Kamgras calls the rival's stance insincere and contrary to shareholders' interests, and cites a Financial Services Agency Q&A on pre-announced tender offers. These are Kamgras's characterizations, and the notice carries no response from the rival.
Shareholder decisions still open
Kamgras says it has held several rounds of talks with Oasis on tendering into its offer and has continued them since the September 29 change, but that nothing has been decided. The notice does not say how much stock has been tendered.
The practical choice for holders remains the one on the table: a ¥3,682 offer that closes October 28 and settles from November 5, against a rival proposal that Kamgras says has no launch date.