Oasis Management, an activist investor owning approximately 19.5% of Kakaku.com Inc., has announced it will not tender its shares into the $3,570 yen per share offer from an EQT-led consortium. Oasis is calling on Kakaku.com's board of directors and Special Committee to either withdraw their support for the EQT bid or negotiate a higher price, specifically exceeding $3,640 yen per share. This stance comes despite Kakaku's board previously expressing support for the EQT transaction.
Oasis views a competing proposal from Bain Capital and LY Corp, priced at $3,640 yen per share, as a higher offer. However, Oasis acknowledges that this Bain-led proposal might not be realistic as it appears contingent on cooperation from KDDI Corp., a major Kakaku shareholder. The hedge fund has clearly stated its refusal to tender its shares as long as the EQT-led offer remains below the Bain figure.
Kamgras 1, the entity making the EQT-led tender offer, stated in an amended document on August 13, 2026, its intention to continue discussions with Oasis, including requesting that the firm tender its shares. Despite this, Oasis maintains its firm condition that it will not participate in the Kamgras 1 tender at the current price. The ongoing competition between EQT and Bain Capital for Kakaku.com has intensified, driven by the company's significant online platforms and what is perceived as an attractive valuation.
