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Kakaku.com's Bidding War Escalates to ¥3,450
A private-equity suitor for Kakaku.com sweetened its bid to ¥3,450, the BOJ pushed ¥13.98tn into climate lending, and a Tokyo fintech's board fired its own president over an auditor spat.
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Kakaku.com's Bidding War Escalates
Kakaku.com Suitor Raises Offer to ¥3,450 to Counter Bain-LY Corporation Bid
Kakaku.com Suitor Raises Offer to ¥3,450 to Counter Bain Capital-LY Corporation Bid Kamgras 1, the buyout vehicle backed by Digital Garage and Europe's EQT, raised its tender offer for Kakaku.com to ¥3,450 a share on July 17, up from the ¥3,000 price it set when the offer opened in May. The bidder also pushed the tender deadline to August 3, extending the offer to 58 business days in total, and lifted the price it will pay for shares that don't tender — the squeeze-out price — from ¥2,439 to ¥2,805.
What changed: Kamgras 1 is responding to a rival approach rather than waiting it out. Bain Capital and LY Corporation floated a competing proposal on July 1 at ¥3,384 a share, and Kamgras 1 answered by raising its own offer nearly 15% above its opening price.
Why it matters: The fight is partly being fought through contract mechanics, not price alone. KDDI's existing agreement with Kamgras 1 lets the telecoms group back a competing bid only if it clears Kamgras 1's price by at least 2% and other conditions are met, a threshold that raises the bar for Bain Capital and LY Corporation's approach.
What to watch: Whether Bain Capital and LY Corporation return with a price that clears that 2% threshold before the August 3 deadline, and whether Kamgras 1 has room for another increase if they do.
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Money on the Move
BOJ disburses ¥13.98tn under climate-lending facility, pushing outstanding balance to ¥24.94tn
The Bank of Japan will disburse ¥13.98tn to commercial lenders on July 21 under its Funds-Supplying Operations to Support Financing for Climate Change Responses, a facility that gives banks one-year loans tied to climate-related lending. The loan matures exactly one year later, on July 21, 2027, and was set at a 9:30am auction on July 17.
The number: The disbursement lifts the facility's outstanding balance to ¥24.94tn.
MUFG Files ¥257bn of New Subordinated Bonds, but ¥227bn Won't Count Until July 31
Mitsubishi UFJ Financial Group filed two shelf-registration supplements with the Kanto Local Finance Bureau on July 17, lining up ¥257bn of new 10-year subordinated bonds. The larger filing covers ¥227bn split across two series — a ¥101bn tranche and a ¥126bn callable tranche — while the smaller filing adds ¥30bn across two more series.
The catch: The ¥227bn tranche won't count in MUFG's own shelf-usage tally until the notes settle on July 31, leaving a gap between what's filed and what's counted.
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Boardroom Battles and Buyout Pressure
unbanked fires its president over an alleged bid to eject the company's own auditor
Tokyo-listed fintech unbanked dismissed president Hu Yan on July 17 over claims he ordered the company's auditor out of a board meeting, disclosed that some of its own directors doubt the vote's legality, and now faces a shareholder request to dismiss the entire board, including his successor, Yasuto Hirai.
NAVF and Dalton Cross 5% Stake in Intage, Revive Privatization Push
NAVF and Dalton Investments' three affiliated vehicles have crossed the 5% disclosure threshold in Intage Holdings, holding a combined 2,022,700 shares — 5.00% of the market-research group's 40,426,000 outstanding shares — as of July 10.
Why it matters: The filing revives a December letter urging Intage's board to weigh strategic options including privatization or a spin-off.
Terra Raises Satsudora Buyout Offer to ¥1,260 a Share After Locking In a Quarter of the Register
Terra raised its tender offer for Satsudora Holdings to ¥1,260 a share from ¥1,220, a revision filed July 17 as an amendment to the offer it opened June 22. Four shareholders holding a combined 24.91% of the Sapporo drugstore chain have signed irrevocable pledges to tender at the new price.
What to watch: Satsudora's board has voted again to back the higher offer, part of a management buyout aimed at taking the TSE Standard and Sapporo Securities Exchange-listed chain private.
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Deals, Verdicts and Confirmations
Medipal Moves to Squeeze Out Remaining PALTAC Shareholders by August 13
Medipal Holdings' stake in PALTAC has climbed to 97.79% after a completed tender offer, and it is now forcing out the rest of the shareholders at ¥6,650 a share, a move that will end PALTAC's Tokyo Stock Exchange listing next month.
US Jury Hits Kioxia Units With $229mn Verdict in Viasat Patent Case
A federal jury in the US District Court for the Western District of Texas ruled on July 16 that two Kioxia subsidiaries infringed a Viasat patent, setting provisional damages at roughly $229mn — about ¥37.1bn at ¥162 to the dollar.
The catch: Kioxia disclosed the verdict to the Tokyo Stock Exchange on July 17 and says it will contest the finding.
Seven & i Confirms Talks to Invest in Poland's Largest Convenience Store Chain
Seven & i Holdings says discussions on a Polish convenience-store investment are real, but nothing has been decided, after media reports the company did not authorize.
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