Oasis Management Company Ltd., a significant shareholder in Kakaku.com Inc. holding about 19.5% of the stock, has publicly rejected the EQT-led consortium's tender offer at 3,570 yen per share and urged the company to pursue a superior valuation.
In a statement on Wednesday, Oasis said it will decline to tender its shares into the Kamgras 1 offer, which was announced on August 13, 2026. The firm identified a competing approach from Bain Capital and LY Corp priced at 3,640 yen per share as a higher bid, and called on Kakaku.com, its board of directors, and the Special Committee either to withdraw their backing of the Kamgras 1 proposal or to seek a price above JPY 3,640 per share.
At the same time, Oasis characterized the Bain-led proposal as "not realistic" because the offer appears to depend on cooperation from KDDI Corp., a major Kakaku shareholder. The hedge fund said it will maintain its refusal to tender so long as the EQT-led offer remains below the Bain figure.
Kakaku’s board has previously signaled support for the EQT-led transaction. An amended tender offer document dated August 13, 2026 states that Kamgras 1 plans to continue discussions with Oasis, including requesting that the firm tender its shares. Oasis, however, has set a firm condition that it will not participate in the Kamgras 1 tender at the current price.
The takeover contest between Bain and Sweden’s EQT has escalated into a competitive bidding battle for Kakaku this year. Observers point to the company’s substantial online platforms and what some consider a relatively low valuation as factors making it an attractive target for private equity buyers.
Private equity interest has also been shaped by a rising emphasis on corporate governance reforms at Kakaku, a trend that gained attention after Oasis, typically viewed as an activist investor, disclosed a sizable stake in the firm.
Summary
Oasis refuses the EQT-led 3,570 yen offer, supports Bain’s 3,640 yen bid in principle but questions its feasibility due to dependency on KDDI, and asks Kakaku’s board to renegotiate or withdraw support for the current tender.
Context
- Oasis owns approximately 19.5% of Kakaku.com Inc.
- The EQT-led consortium announced a 3,570 yen per share offer on August 13, 2026.
- Bain Capital and LY Corp put forward a 3,640 yen per share approach considered higher by Oasis.