EQT raised its Kakaku.com bid to ¥3,450 per share, topping a ¥3,384 offer from LY Corp and Bain Capital in the escalating Japan buyout battle.
Alpha Score of 45 reflects weak overall profile with weak momentum, poor value, strong quality, moderate sentiment.
EQT has raised its tender offer for Kakaku.com to 3,450 yen per share, topping a competing proposal from a SoftBank-owned LY Corp and Bain Capital consortium. The revised bid, announced Thursday, values the Japanese online platform operator at roughly 682 billion yen ($4.2 billion).
Kamgras 1 K.K., the offer vehicle backed by EQT's BPEA Private Equity Fund IX and Digital Garage, hiked its price from 3,000 yen after the rival group offered 3,384 yen on July 1. EQT said the increase is meant to "further enhance execution certainty" and speed the transaction's completion while backing Kakaku.com's long-term growth.
EQT has secured all required regulatory clearances. The competing offer is expected to launch no earlier than September and remains subject to approvals and other conditions, EQT noted.
"Our proposal provides Kakaku.com shareholders with an attractive combination of value, certainty and timing," Tetsuro Onitsuka, a partner in EQT's Private Capital Asia team, said in a statement.
Kakaku.com operates Japan's biggest price comparison website, restaurant review platform Tabelog and job search service Kyujin Box. Earlier this month, the company withdrew its recommendation that shareholders accept EQT's original offer after the LY-Bain group raised its bid to 3,384 yen. The board adopted a neutral position while continuing talks with both parties. The rival consortium has said it would go to 3,500 yen if major shareholder KDDI agrees to back the deal.
EQT's latest move escalates one of Japan's most watched takeover contests. Private equity firms and strategic buyers are chasing attractive tech assets as corporate governance reforms drive a broader M&A wave. EQT cited previous investments in digital marketplace businesses including PropertyGuru, idealista and Casa.it.
The firm opened its Tokyo office in 2006 and recently completed take-privates of Fujitec, CareNet and Mamezo. In April, it closed the BPEA IX fund with $15.6 billion in commitments, which EQT described as the largest private equity fund raised for Asia Pacific.
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