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Kakaku.com has asked Kamgras 1 to discuss its offer price after judging the ¥3,700-a-share Bain Capital and LINE Yahoo proposal a likely qualified competing bid, while its support for the Kamgras 1 offer stands.
The Bain Capital-formed bidder raised its planned Kakaku.com tender price from ¥3,597 to ¥3,700 a share, above rival Kamgras 1's ¥3,682, keeping ¥3,720 if KDDI agrees to stay out, but launch still needs the target's board.
Kamgras 1 K.K. raised its Kakaku.com tender offer to ¥3,682 a share, extended it to October 28 and moved settlement to November 5, while saying talks with Oasis have produced no decision.
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.
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, 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.
KDDI's voting rights in Every, Inc. dropped from 14.38% to 4.76% on August 4, pushing the telecoms group from second- to fourth-largest shareholder after the company's new listing on the Tokyo Stock Exchange's Growth market diluted its holding.
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.
Koki’s second amendment to its annual standalone results lowers the Okinawa Cellular sales figure in its major-customer note to ¥5.63bn from ¥5.64bn, while the KDDI line stays at ¥1.37bn.
Current holdings disclosed by tracked funds.