TOKYO, July 2 - SoftBank's LY Corp together with Bain Capital have once again boosted their takeover bid for Kakaku.com, the Japanese operator of a price-comparison website, setting a new valuation of 670 billion yen ($4.12 billion) for the company.
In a legally binding proposal disclosed late on Wednesday, LY and Bain raised their all-cash offer for every outstanding Kakaku.com share to 3,384 yen per share, up from the 3,232 yen per share they had put forward in May. The two bidders added a conditional increase: the offer would rise to 3,500 yen per share if KDDI Corp, one of Kakaku.com's largest shareholders, agrees to support the deal.
Responding to the revised proposal, Kakaku.com said on Thursday it would initiate discussions with Sweden's EQT concerning that firm's existing bid price of 3,000 yen per share, while continuing to engage with both parties. The company also withdrew its earlier recommendation that shareholders back EQT's approach, changing its stance to "neutral."
The announcement leaves Kakaku.com positioned to hold talks with the two bidders as the process unfolds. The exchange rate cited in the filings is $1 = 162.4900 yen.
Context and mechanics of the revised offer
The revised, legally binding proposal represents an escalation from the 3,232 yen offer tabled in May and includes a conditional premium tied to shareholder support from KDDI Corp. Under the terms publicized by LY and Bain, the bid already reflects a higher valuation of the entire company, and will increase further only if KDDI formally backs the consortium's plan.
Company response
Kakaku.com's decision to seek talks with EQT, and to shift its position on shareholder recommendation from support to neutral, signals that the board intends to engage both bidders while reassessing the competitive landscape. No additional changes to shareholder guidance were disclosed beyond the neutral designation.
This article presents the details of the competing offers and the company's stated reactions as they were made public. It does not speculate on future outcomes beyond the explicit terms and statements released by the parties involved.