Oasis Demands Higher Price in Kakaku.com Takeover Fight

Oasis Management, a shareholder with roughly 19.5% of Kakaku.com, has refused an offer of JPY3,570 per share from an EQT-led consortium and is demanding a takeover price above JPY3,640.

Oasis has stated it will not tender its shares to the EQT-backed bid while the offer remains below JPY3,640 and has asked Kakaku.com’s board and its special committee to either withdraw support for the EQT proposal or negotiate a higher price. The hedge fund has indicated it will keep its stake rather than accept the lower offer.

The EQT consortium announced its bid on 13 August through an entity called Kamgras 1, proposing JPY3,570 per share. A rival proposal from Bain Capital together with LY Corp values Kakaku.com at JPY3,640 per share. Oasis described the Bain-led proposal as difficult to execute because it depends on cooperation from major shareholder KDDI.

Kakaku.com’s board had previously signaled support for the EQT-backed proposal. An amended tender offer document dated 13 August from the EQT consortium said the group intended to continue discussions with Oasis and encourage the investor to participate in the offer, but the parties remain at odds over price.

The competing bids have left the outcome of the sale uncertain. Further negotiations among bidders, major shareholders and Kakaku.com’s board are expected to determine the final terms. Investors have focused on the value of Kakaku.com’s cash-generating online businesses and the potential for improvements in corporate governance.