Activist hedge fund Oasis Management Company Ltd. urged Kakaku.com Inc. to reject a takeover bid from an EQT-led consortium and instead pursue a higher price from Bain Capital and LY Corp.
Oasis, which holds approximately 19.5% of Kakaku.com, stated it will not tender its shares to the EQT-led Kamgras 1 consortium while its offer of 3,570 yen per share remains below a rival bid. Bain Capital and LY Corp proposed 3,640 yen per share, a price Oasis described as more realistic despite being contingent on support from major shareholder KDDI Corp.
The EQT-led consortium announced its offer on August 13, 2026, and later amended its tender document to note ongoing discussions with Oasis. The activist investor requested that Kakaku.com, its board, and special committee either withdraw support for Kamgras 1’s bid or negotiate a higher price. Oasis emphasized that the Bain proposal at 3,640 yen per share should serve as the minimum threshold for any further negotiations.
The bidding war for Kakaku.com intensified after Oasis disclosed its stake, highlighting the company’s cash-rich online platforms, relatively low valuation, and growing pressure for corporate governance reforms. Kakaku.com has not publicly responded to Oasis’s demands as of the latest update.
