LY Corp and Bain Capital raise Kakaku bid to $4B, challenging EQT's live tender offer

LY Corp (9434.T) and Bain Capital submitted a sweetened acquisition proposal for Kakaku (2371.T) on May 14, 2026, offering ¥3,232 per share — a 7.7% premium over EQT's standing tender offer of ¥3,000 per share. The bid values Kakaku at approximately $4 billion. Shares of Kakaku rose to ¥3,450 on the news as investors priced in the likelihood of a higher final clearing price in what has become a contested takeover fight.

Kakaku operates three of Japan's most-visited consumer internet platforms: Kakaku.com, the country's dominant price-comparison site; Tabelog, the leading restaurant discovery and review platform; and Kyujin Box, a jobs aggregator. LY, a unit of Z Holdings, argued that AI's rise had made Kakaku's consumer data assets and platform businesses of "extremely high strategic value" — a rationale centered on training data and search-adjacent monetization.

EQT's competing offer complicates the path forward. The private equity firm describes its tender as "live" and "legally binding." Critically, Digital Garage and KDDI — which together hold 38.1% of Kakaku's shares — have already agreed to tender into EQT's offer. Their prior commitment gives EQT significant structural advantage despite LY/Bain's higher per-share price.

Japanese regulatory dynamics add another layer of uncertainty. Japan has been tightening M&A governance rules, including provisions that allow companies to reject unsolicited bids even at premium prices. Kakaku's board response and an eventual shareholder vote will determine the outcome. The timeline for EQT's tender acceptance deadline has not been publicly specified.

Not investment advice. Verify all figures with primary sources before acting.