Bain and LY Corp increased its bid for KakakuCom to 3,232 yen per share, valuing the company at 639.3 bn yen ($4.1 bn).
The new offer exceeds EQT’s 3,000‑yen bid and remains below Kakaku’s Wednesday closing price of 3,425 yen.
Kakaku shares slipped 0.7% after a sharp rally, while EQT secured a deal with Digital Garage and KDDI for their 38.1% stake.
Bids reflect growing private‑equity interest in Japan following governance reforms and signs of economic resilience.