Kakaku.com said the buyer in its tender offer, Kamgras 1 Inc., raised the price to 3,570 yen from 3,450 yen and extended the period to 75 business days from 67. The new price tops a 3,520 yen rival bid, and the board still backs the offer.
Kakaku.com disclosed that Kamgras 1 Inc., the buyer in its going-private tender offer, has raised the offer price to 3,570 yen per share from 3,450 yen and extended the offer period to 75 business days from 67 business days. The new price exceeds the 3,520 yen rival bid by a Bain Capital-linked fund and LY Corp. The revised price represents a 28.70% premium over the May 11, 2026 close of 2,774 yen. Kakaku.com continues to support the tender offer, and its special committee's recommendation is unchanged. The offer period now runs until August 27, 2026, giving shareholders additional time to decide.
The tender offer buyer said the 3,640 yen price proposed on July 29 by the Bain-led group was conditional on a no-tender agreement with KDDI and judged it to be not feasible. It treated the unconditional 3,520 yen as the realistically available rival price. The new 3,570 yen exceeds that 3,520 yen and, according to the buyer, goes beyond what it had considered the highest feasible price. The buyer also argued it has advantages over the rival proposal in terms of deal certainty and timing. It said the market check was sufficient and the revised price reflects the competitive environment. The price also tops the upper ends of valuation ranges from third-party advisers: SMBC Nikko Securities at 3,378 yen and Yamada Consulting at 3,303 yen.
With the price increase, the upper limit on equity funding from the buyer's parent company has been increased from 197.0 billion yen to 211.0 billion yen. The bank loan facility remains unchanged at 225.0 billion yen. The self share acquisition price to be used in the squeeze-out after going private has also been raised from 2,805 yen to 2,902 yen, designed to make after-tax proceeds equivalent to those from tendering. The arrangement under which DG, a KDDI-related entity, re-invests part of the self share acquisition funds remains in place; after the re-investment, DG is expected to hold about 20% of voting rights. Funding arrangements are secured, and the buyer says purchase funds are fully arranged.
The extension pushes back the settlement start date and subsequent steps. The extraordinary shareholders meeting to approve the post-takeover share consolidation is now expected in mid-October 2026 rather than early October. Squeeze-out completion moves from early November to mid-November, and the self share acquisition shifts from mid-November to late November. Shareholders gain a longer decision period, while the delay in the final sale timing is limited. Kakaku.com leaves the decision to shareholders and has made no change to its treatment of warrant holders. The procedure timeline is slightly delayed, but the overall deal framework remains intact.
The revised tender offer price of 3,570 yen implies the following premiums over selected reference prices.
| Reference date / basis | Reference price | Premium |
|---|---|---|
| 2026/4/22 close (before speculation reports) | 2,121 yen | 68.32% |
| 2026/5/11 close (day before announcement) | 2,774 yen | 28.70% |
| Past 1-month average (through 5/11) | 2,422 yen | 47.40% |
| Past 3-month average (through 5/11) | 2,045 yen | 74.57% |
| Past 6-month average (through 5/11) | 2,153 yen | 65.82% |
This level is a significant increase from the initial 3,000 yen offer, which represented only an 8.15% premium over the day before announcement. The rival proposal has clearly benefited shareholders, and the revised terms can be seen as maximizing shareholder value.
Analyst take
The price increase reflects competitive bidding triggered by the rival offer and leaves shareholders better off. The buyer stresses that the rival's 3,640 yen conditional price is not achievable, so attention shifts to whether shareholders tender enough to meet the 34,941,000 share minimum. Major holders will likely determine the outcome.
