Latest Tokyo Brief coverage on Kakaku.com,Inc., tracking filings, financial news, and market signals from Japan.
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Kamgras raised its Kakaku.com offer to ¥3,681 a share from ¥3,680 and extended the tender to October 14, saying a rival's ¥3,597 notice cannot be completed while its own offer runs.
Kakaku.com dissolved its eight-year capital alliance with KDDI on September 28, stripping the telecom group of its board-nomination and pre-consultation rights, even though KDDI keeps its 17.70% stake and the underlying data-sharing business alliance.
Bain Capital and LINE Yahoo's revised ¥3,597 tender offer for Kakaku.com shares remains below the rival Kamgras 1 bid of ¥3,680, and only a non-tender agreement with KDDI, which would lift the price to ¥3,720, could change that before Kakaku.com's board and special committee decide which offer to back.
Kamgras 1's fourth price increase for Kakaku.com clears the ¥3,640 floor that holdout investor Oasis said it needed, even as Digital Garage and KDDI's combined 38% stake stays out of the tender itself under separate non-tender and buyback agreements tied to a later squeeze-out.
Kamgras has raised its tender offer for Kakaku.com to ¥3,680 a share, its fourth increase since May, and pushed the deadline back to September 29 to clear the ¥3,640 floor that shareholder Oasis said it needed to see; Kakaku.com's board is still weighing that offer against a competing Bain Capital and LINE Yahoo proposal priced at ¥3,520, or ¥3,640 if it can lock in a non-tender deal with KDDI.
A monthlong bidding contest for Kakaku.com has pushed EQT's offer to ¥3,680 a share, and Digital Garage stands to collect roughly ¥122.4bn for its 20.68 percent stake once the deal, still contingent on completion, closes.
Kakaku.com's private-equity suitor raised its tender price by one yen to ¥3,571 and pushed the deadline to September 10, but a shareholder tender pledge with Oasis expired after the proposer missed its own price-match window, leaving that holder's participation undecided.
Kamgras 1 raised its tender offer for Kakaku.com by one yen to ¥3,571 a share, a revision that legally resets the clock to September 10, coming a week after rival bidder Bain Capital's tender pact with shareholder Oasis lapsed unused on August 20.
Kamgras 1 KK nudged its Kakaku.com tender to ¥3,571 a share and stretched the deadline to September 10, but the real shift is that rival bidder BCPE Blitz Cayman's tender pact with 19.52% shareholder Oasis Management expired on August 20 after BCPE declined to raise its own price, freeing Oasis's stake for now.
The tendering pact between Oasis Management and Bain Capital's Kakaku.com bidding vehicle expired on 20 August, but Oasis says it won't tender into the rival's ¥3,570 offer unless it rises to ¥3,640 a share, a floor that keeps the vehicle's KDDI-contingent offer competitive ahead of the rival tender's close on 27 August.
Kamgras 1 has lifted its take-private bid for Kakaku.com to ¥3,570 a share, the second price increase since the ¥3,000 opener in May, and pushed the deadline to August 27; Digital Garage and KDDI are declining to tender, choosing instead a post-squeeze-out buyback, with Digital Garage alone planning to reinvest part of its proceeds into a stake in the buyer's parent.
Kamgras 1, the vehicle bidding to take Kakaku.com private, raised its tender offer to ¥3,570 a share on August 13, its second increase since May, after funds advised by Bain Capital and LINE Yahoo offered as much as ¥3,640.
Kamgras 1 has lifted its Kakaku.com tender offer to ¥3,570 a share for the second time this month and pushed the deadline to August 27, arguing a KDDI lock-up makes rival Bain Capital and LINE Yahoo's proposal undeliverable at its stated price.
Bain Capital and LINE Yahoo have offered ¥3,520 a share for Kakaku.com, beating Kamgras 1's ¥3,450 bid, and Kamgras 1 has extended its own tender offer to August 17 as the board weighs which deal to recommend.
Kamgras 1 pushed its tender offer for Kakaku.com to August 17 and reopened price talks on its ¥3,450-a-share bid after Bain Capital and LINE Yahoo floated a higher counter-proposal.
A new offer from a Bain Capital and LINE Yahoo vehicle beats a rival ¥3,450 bid for Kakaku.com, rising to ¥3,640 if the bidder locks in a non-tender pact with KDDI, and forces the target's board back into price talks with the original suitor.
EQT's buyout vehicle for Kakaku.com lifted its tender offer to ¥3,450 a share and pushed the deadline to August 3, betting that Bain Capital and LY Corporation's rival ¥3,500 headline price is unworkable under KDDI's existing non-tender contract.
A ¥3,232-a-share rival proposal pushed Kakaku.com's board off its recommendation to tender into EQT's ¥3,000 buyout, and a Bain Capital vehicle is now lining up its own offer with 19.52% of the company already committed to tender.
Kamgras 1 K.K. needs just 34.9mn Kakaku.com shares tendered, a floor stake of 17.51%, to complete its go-private bid before the offer closes July 16; there is no cap on how much more it can buy.
The move: Kamgras 1 kept its ¥3,000-a-share offer intact but extended the acceptance period, delaying the expected shareholder meeting and shifting the squeeze-out phase into early October.
Kamgras 1's offer can buy unlimited shares at ¥3,000 each, but the filing says it only needs 34,941,000 shares to clear its minimum condition, equal to a 17.51% post-purchase ownership ratio including special related parties.
Bain Capital and LINE Yahoo's binding ¥3,384-a-share proposal, with a possible ¥3,500 price if a KDDI structure is agreed, prompted Kakaku.com to drop its tender recommendation while Kamgras keeps its existing ¥3,000 offer open until July 16.