Takeover Battle Overview
Oasis Management Company Ltd., which holds approximately 19.5% of Kakaku.com Inc., issued a public statement on 19 August 2026 urging the Japanese online price‑comparison platform to seek a higher takeover price. The hedge fund said it will not tender its shares into the ¥3,570 per share offer presented by an EQT‑led consortium, which was announced on 13 August 2026. Oasis highlighted a competing proposal from Bain Capital together with LY Corp that values Kakaku.com at ¥3,640 per share, but described the bid as unrealistic because it is contingent on the cooperation of major shareholder KDDI Corp. The fund further stated that it will continue to withhold its tender as long as the EQT offer remains below the Bain proposal. Oasis requested that Kakaku.com’s board of directors and the special committee either withdraw support for the Kamgras 1 tender offer or negotiate a price exceeding ¥3,640 per share. The board had previously expressed support for the EQT offer. The article notes that Kakaku.com’s cash‑rich online platforms and relatively low valuation have attracted private‑equity interest, and that recent corporate‑governance reforms have heightened activist involvement following Oasis’s stake disclosure.