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TYO:2371

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Asia

Kakaku.com Backs Kamgras 1 Offer, Leaves Tender Decision to Shareholders

Kakaku.com (TYO:2371) said it has resolved to express a favorable opinion on a tender offer for its common shares and share acquisition rights by Kamgras 1 K.K., according to a company notice.The internet services company said that it has also taken a neutral position on whether shareholders should tender their shares in the offer, leaving the decision to individual shareholders.The company said it supports the tender offer but has left the decision on whether to tender shares and share acquisition rights to shareholders and rights holders.

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Asia

LINE Yahoo, Bain Capital Sweeten Offer for Tabelog Operator Kakaku.com

LINE Yahoo and Bain Capital on Wednesday raised their tender offer price for Kakaku.com (TYO:2371) for the second time, offering 3,720 yen per share if they secure cooperation from KDDI (TYO:9433), or 3,597 yen if they cannot, according to a stock exchange filing.The latest move comes as EQT-backed Kamgras 1 proceeds with its tender offer at 3,680 yen per share, after raising its bid twice in recent weeks.LINE Yahoo and Bain Capital had previously offered 3,640 yen per share with KDDI's cooperation, or 3,520 yen without it.The bidding battle for comparison-shopping website Kakaku.com, which also operates Japanese restaurant review platform Tabelog, has seen both camps repeatedly raise their bids since EQT launched its tender offer in May.

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Asia

EQT Extends Kakaku.com Tender Offer with a Minimal 1 Yen Offer Price Increase

Kamgras 1 has raised its tender offer price for Kakaku.com (TYO:2371) by just 1 yen to 3,571 yen per share, allowing the firm to extend the offer period from Aug. 27 to Sept. 10.Kamgras 1 faces a competing acquisition proposal from a consortium led by Bain Capital and LY (TYO:4689), with prices of 3,640 yen per share conditional on an agreement with major shareholder KDDI.Without the agreement, the duo's proposed offer remains at 3,520 yen per share as of Aug. 21.Kamgras 1 is a special purpose vehicle for private equity firm EQT and Kakaku.com's other major shareholder Digital Garage.EQT had earlier noted it is in discussions with Kakaku.com's other major shareholder Oasis, regarding tendering its shares, though no decisions have been finalized.

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Asia

Japanese Shares Fall Marginally Ahead of Tech Earnings, Iran Sanctions; Oil Falls

Japanese stocks fell marginally to close in the red on Monday on investor concerns over artificial intelligence investments ahead of US Big Tech Nvidia's results on Wednesday and anticipated trade sanctions on Iran.The benchmark Nikkei 225 closed down 488.27 points, or 0.74%, at 65,528.09.Oil prices eased as investors awaited the details of US trade sanctions on Iran and the impact of an intensified trade strike on global supply chains ahead of the Federal Reserve's annual gathering.On the corporate side, Kakaku.com (TYO:2371) said it received notice from investment funds Bain Capital and LY Corp. that Blitz Cayman plans to wait for the expiry of a competing tender offer before proceeding with its own offer, according to a Tokyo Stock Exchange filing on Monday.Also, Kubota's (TYO:6326) majority-owned joint venture, Escorts Kubota (NSE:ESCORTS, BOM:500495) in India, broke ground on a new $200 million manufacturing unit in Uttar Pradesh, India, and plans to expand its manufacturing capacity and exports to Europe, Africa, and North America.

Nikkei 225BOM:500495NSE:ESCORTSTYO:2371TYO:6326
Asia

Kakaku.com Says Blitz Cayman Plans New Tender Offer After Competing Offer Expires

Kakaku.com (TYO:2371) said it received notice from investment funds Bain Capital and LY Corp. that Blitz Cayman plans to wait for the expiry of a competing tender offer before proceeding with its own offer, according to a Tokyo Stock Exchange filing on Monday.The Japanese internet media company said BCPE Blitz's proposed offer stood at 3,520 yen per share as of Aug. 21, against Kamgras 1's 3,570 yen offer.BCPE Blitz could offer 3,640 yen if it secures a non-tender agreement with its shareholder KDDI Corporation after its tender agreement with major shareholder Oasis Management terminated on Aug. 20.

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Asia

LY Corp. and Bain Offer Conditional 3,640 Yen Bid for Kakaku.com to Outbid Rivals

LY (TYO:4689) and Bain Capital have agreed to increase their tender offer price for Kakaku.com (TYO:2371) to 3,640 yen per share, topping Kamgras 1's earlier 3,570 yen offer, but on the condition that they can secure a non-tender agreement with KDDI (TYO:2371).The higher price is contingent on KDDI, Kakaku.com's major shareholder, agreeing not to tender its 17.7% stake, according to a Tokyo bourse filing on Friday.However, KDDI is currently bound by an existing non-tender agreement with Kamgras 1, preventing it from negotiating with Bain's consortium.Bain believes that if Kamgras 1's tender offer fails by its Aug. 27 deadline, KDDI would be released from that restriction and likely agree to a deal.Meanwhile, another major shareholder, Oasis, with a 19.14% stake, has publicly backed Bain's 3,640 yen proposal and declined Kamgras 1's lower offer.Bain's tender offer is expected to commence in mid-September, subject to regulatory approvals and Kakaku.com's board support.Kamgras 1 is the special purpose vehicle for EQT and Digital Garage, which in turn is the largest shareholder of Kakaku.com.

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Asia

Market Chatter: Oasis Management Seeks Higher Price in Kamgras 1's Tender Offer for Kakaku.com

Kakaku.com's (TYO:2371) major investor, Oasis Management, said it does not intend to tender its shares in Kamgras 1's offer if the price remains below 3,640 yen per share, Businesswire reported Wednesday.The Oasis Management, which beneficially owns about 19.5% of Kakaku.com, said the tender offer launched by Kamgras 1 is priced at 3,570 yen per share and requires renegotiation.The investor said that BCPE Blitz Cayman has proposed 3,640 yen per share to minority shareholders, contingent on cooperation from KDDI, and the proposal could become feasible if Kamgras 1's tender offer fails.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Nikkei 225TYO:2371
Asia

EQT Consortium Tops Bain's Bid with 3,570 Yen Offer for Kakaku.com

The EQT and Digital Garage consortium has raised its tender offer for Kakaku.com (TYO:2371) to 3,570 yen per share, exceeding Bain Capital and LY Corp.'s (TYO:4689) rival proposal of 3,520 yen on July 29.The consortium extended the offer period to Aug. 27, following an earlier extension to August 17 after Kakaku.com requested discussions on a potential price increase.The amended price represents a 68.32% premium over Kakaku.com's unaffected share price of 2,121 yen and significantly exceeds one-, three-, and six-month average closing prices, according to a statement on Thursday.All necessary regulatory clearances have already been obtained, with the consortium committed to delivering value while allowing Kakaku.com to focus on its long-term growth and development.

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Asia

Kamgras 1 Extends Tender Offer for Kakaku.com After Bain Capital's Counter-Bid

Kakaku.com (TYO:2371) said Swedish private equity firm Kamgrás 1 has extended its tender offer purchase period to Aug. 17 from Aug. 3, with settlement moved to Aug. 24.The extension follows a July 29 counter-proposal from Bain Capital affiliate BCPE Blitz Cayman and LY Corp. (TYO:4689), which priced their competing offer at 3,520 yen per share, outbidding Kamgrás 1's 3,450 yen offer, according to a Tokyo bourse filing on Friday.Kakaku.com has requested discussions regarding a potential price increase, while Kamgrás 1 has not yet determined whether to revise its bid.

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Asia

Update: Market Chatter: Bain and LY Corp. Prepare to Counter EQT's Bid for Kakaku.com

(updated with Kakaku.com's response)Bain Capital and LY Corp. are poised to submit a higher joint offer for Kakaku.com (TYO:2371) than EQT's recent 3,450 yen-per-share proposal, Bloomberg News reported on Friday, citing sources familiar with the matter.An improved bid could surface within days, but deliberations are still confidential and inconclusive, with no binding decision made and the outcome subject to change, Bloomberg said.EQT has extended its tender offer deadline to August 3 amid ongoing discussions with Kakaku's Hong Kong-based shareholder, Oasis Management, the publication said.Kakaku.com declined to comment, while Bain Capital and LY Corp. did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Bain and LY Corp. Prepare to Counter EQT's Bid for Kakaku.com

Bain Capital and LY Corp. are poised to submit a higher joint offer for Kakaku.com (TYO:2371) than EQT's recent 3,450 yen-per-share proposal, Bloomberg News reported on Friday, citing sources familiar with the matter.An improved bid could surface within days, but deliberations are still confidential and inconclusive, with no binding decision made and the outcome subject to change, Bloomberg said.EQT has extended its tender offer deadline to August 3 amid ongoing discussions with Kakaku's Hong Kong-based shareholder, Oasis Management, the publication said.Kakaku.com, Bain Capital and LY Corp. did not immediately respond to' request for comment.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

EQT Raises Bid for Kakaku.com, Topping Rival's Offer

Stockholm-based EQT has increased its tender offer for Kakaku.com (TYO:2371) to roughly 3,440 yen to 3,460 yen per share, surpassing the 3,384 yen bid from LY (TYO:4689) and Bain Capital, Bloomberg News reported on Thursday, citing persons familiar with the deal.The Swedish private equity firm is said to have extended the offer period through July for the Japanese online data company, whose shares have surged 55% this year, outperforming the broader Topix index, the news wire said.EQT and Kakaku.com did not immediately respond to' comment.

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Asia

Kamgras 1 Extends Tender Offer Period for Kakaku.com to July 16

Kamgras 1 has extended its tender offer for Kakaku.com (TYO: 2371) for another 10 days until July 16, according to a Tokyo bourse filing.The extension aims to give shareholders and option holders more time to consider their participation.The minimum purchase condition remains 34.9 million shares or 17.51% ownership, but the settlement start date has been moved from July 9 to July 24.

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Asia

Update: Market Chatter: Bain Capital, LY Prepare Binding Bid for Kakaku.com

(Updates to add comment from Kakaku.com and LY Corp.)U.S. investment firm Bain Capital and internet company LY Corp. (TYO:4689) plan to submit a binding bid for comparison shopping website operator Kakaku.com Inc. (TYO:2371), Bloomberg News reported Friday, citing people familiar with the matter.The bid would challenge Swedish private equity firm EQT AB's 3,000 yen-per-share tender offer, which values Kakaku.com at about 595 billion yen, according to the report.Bain Capital and LY are expected to raise their offer above EQT's bid. The two companies previously offered 3,232 yen per share in May. Discussions are ongoing, and no final decision has been made, the report said.Responding to, Kakaku.com said the Bloomberg report was not based on any announcement by the company. LY Corp. declined to comment.Meanwhile, Bain Capital did not immediately reply to' request for comment.Shares of Kakaku.com rose nearly 2%, while those of LY Corp. gained about 4% in Monday morning trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Update: Market Chatter: Bain Capital, LY Prepare Binding Bid for Kakaku.com

(Updates to add comment from Kakaku.com)U.S. investment firm Bain Capital and internet company LY Corp. (TYO:4689) plan to submit a binding bid for comparison shopping website operator Kakaku.com Inc. (TYO:2371), Bloomberg News reported Friday, citing people familiar with the matter.The bid would challenge Swedish private equity firm EQT AB's 3,000 yen-per-share tender offer, which values Kakaku.com at about 595 billion yen.Bain Capital and LY Corp. are expected to raise their offer above EQT's bid. The two companies had previously offered 3,232 yen per share in May. Discussions are ongoing, and no final decision has been made, the report said.Kakaku.com, in its response to' request for comment, declined to comment, stating that the report was not based on any announcement by the company.Meanwhile, Bain Capital did not immediately reply to' request for comment.Shares of Kakaku.com rose nearly 2%, while those of LY Corp. gained about 4% in Monday morning trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Asia

Market Chatter: Bain Capital, LY Prepare Binding Bid for Kakaku.com

U.S. investment firm Bain Capital and internet company LY Corp. (TYO:4689) plan to submit a binding bid for comparison shopping website operator Kakaku.com Inc. (TYO:2371), Bloomberg News reported Friday, citing people familiar with the matter.The bid would challenge Swedish private equity firm EQT AB's 3,000 yen-per-share tender offer, which values Kakaku.com at about 595 billion yen.Bain Capital and LY Corp. are expected to raise their offer above EQT's bid. The two companies had previously offered 3,232 yen per share in May. Discussions are ongoing, and no final decision has been made, the report said.Kakaku.com and Bain Capital did not immediately reply to' request for comment.Shares of Kakaku.com rose nearly 2%, while those of LY Corp. gained about 4% in Monday morning trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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Research

Citi Downgrades Kakaku.com to Neutral from Buy; Price Target is 3,400 Yen

Kakaku.com (TYO:2371) has an average rating of overweight and mean price target of 2,445.71 yen, according to analysts polled by FactSet.

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Asia

LY Corp. Submits Capital Policy Proposal On Kakaku.com

LY Corp. (TYO:4689) submitted a capital policy proposal regarding Kakaku.com (TYO:2371), jointly with a Bain Capital-advised investment fund, including a possible full acquisition via a cash tender offer, according to a Thursday filing on the Tokyo Stock Exchange.The proposal outlines a possible cash tender offer for all Kakaku.com shares and stock acquisition rights, followed by a squeeze-out process, with a revised indicative price of 3,232 yen per share in the latest version.LY Corp. said Kakaku.com holds strategic value due to its data assets and user traffic, and that integration could support new revenue models and AI-related opportunities.

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Asia

Kakaku.com Denies Involvement in Reported EQT Acquisition Talks

Kakaku.com (TYO:2371) said a media report that EQT is considering acquiring the company is not based on any company announcement, according to a Thursday filing on the Tokyo Stock Exchange.The operator of the comparison shopping website said it continues to review measures to enhance corporate value, including capital policies, but no decisions have been made.

TYO:2371

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