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Latest Tokyo Brief coverage on Digital Garage, Inc., tracking filings, financial news, and market signals from Japan.
TSE:4819
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.
Nomura's securities and asset-management units cut their combined Kakaku.com holding to 4.29%, clearing Japan's 5% disclosure line, the same day filings detailed how Digital Garage and KDDI plan to sit out a ¥3,000-a-share take-private tender offer and cash out afterward instead.