News On Japan

Kakaku.com Takeover Fight Escalates

TOKYO - The takeover battle for Kakaku.com, operator of restaurant review site Tabelog and price-comparison service Kakaku.com, intensified on September 11 after Swedish investment firm EQT raised its tender offer price to 3,680 yen per share, surpassing a rival proposal from a group led by LINE Yahoo.

EQT announced that it would increase its tender offer price from 3,571 yen per share and extend the offer period through September 29.

The investment firm began its tender offer for Kakaku.com in May at an initial price of 3,000 yen per share.

The latest increase is the fourth since the offer began, lifting the price by more than 22% from the original proposal. EQT has also repeatedly extended the tender offer period as the competition for control of the company has continued.

The takeover contest began after LINE Yahoo and U.S. investment firm Bain Capital made a competing acquisition proposal in July following the start of EQT's tender offer.

The LINE Yahoo-Bain group has said it plans to launch a tender offer at 3,640 yen per share if it can secure cooperation from KDDI, a major shareholder in Kakaku.com.

EQT's newly raised offer of 3,680 yen per share now exceeds the price proposed by the rival group.

Attention is therefore turning to LINE Yahoo and Bain Capital and whether they will respond by increasing their own proposed purchase price or taking other steps in the battle for Kakaku.com.

Source: TBS

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