Kamgras1 raised the tender offer price for Kakaku.com (2371) to 3,680 yen per share. The bid deadline has been extended until September 29 to finalize its privatization plan.
Kamgras1 Corp announced on September 10, 2026, that it is revising the terms of its tender offer for Kakaku.com shares. The maximum purchase price has been increased by 3.0% to 3,680 yen from the previous level of 3,571 yen. This adjustment raises the cost per share and enhances the appeal for shareholders to sell. The tender offer period is also extended until September 10, resulting in a total duration of 95 business days. This marks the largest revision since the bid began on May 13, 2026, indicating a clear strategy to sustain market attention and attract applicants.
This revision follows consultations with major shareholder Oasis Management Co Ltd. On August 18, Oasis stated it would not support any tender offer priced below 3,640 yen. By setting the price at 3,680 yen, Kamgras1 aims to secure Oasis's participation. The consortium is now deepening price negotiations in the final stage of achieving full subsidiary status while accommodating the interests of opposing forces and major shareholders.
The background of this revision involves complex maneuvering with other proposers. Initially, one proponent considered offering 3,640 yen based on a non-response agreement with KDDI, but doubts arose regarding its feasibility. Kamgras1 revised its price to 3,570 yen on August 13 and then slightly increased it by 1 yen to 3,571 yen on August 27 to widen the gap with competitors. However, due to Oasis's rigid stance, the consortium decided to raise the price again to 3,680 yen to enhance the certainty of acceptance.
Kakaku.com has also shown consideration for non-responding shareholders. After delisting, the target company plans to acquire its own shares at approximately 2,992 yen per share before consolidation. This price is calculated to be practically equivalent to the after-tax net amount received by responding shareholders, ensuring fairness among investors. This measure provides a clear exit path with guaranteed value even if price negotiations stall.
| Revision Stage | Announcement Date | Purchase Price (Yen) | Tender Offer Period (Business Days) |
|---|---|---|---|
| Initial Start | 2026/5/13 | - | 85 (planned) |
| 3rd Revision | 2026/8/13 | 3,570 | 75 |
| 4th Revision | 2026/8/27 | 3,571 | 85 |
| Current (5th) | 2026/9/10 | 3,680 | 95 |
Kakaku.com will accept applications until September 29, with settlement expected to begin on October 6. If the tender offer succeeds, Kakaku.com will be delisted from the Tokyo Stock Exchange Prime Market and become a wholly owned subsidiary of Kamgras1. The completion of this large-scale privatization led by private investment firms is expected to accelerate management decisions and strengthen business operations with a long-term perspective.
Although no agreement has been reached with Oasis yet, Kamgras1 believes the likelihood has increased due to the price hike. For investors, this is a time to compare the final selling opportunity against the spread between market prices and the tender offer price. For job seekers, the shift from a listed company to one led by private capital may influence business model transformations and employment conditions, impacting future recruitment strategies.
This revision reflects not only a price increase but also a strong commitment to repairing relationships with major shareholders and realizing full subsidiary status. The next three weeks are crucial for determining the new leadership structure of Kakaku.com.
Analyst take
The core of the 3,680 yen price point is a psychological move to breach major shareholder Oasis support line rather than just a marginal increase. It clearly surpasses the rival 3,640 yen offer, signaling a break from competitors. Investors must decide whether to accept this price or target market spreads, with the final day stock movement serving as a key signal.
