European private equity firm EQT raised its tender offer for Kakaku.com (TSE: 2371) by JPY1 to JPY3,682 (around $23.3) per share and pushed the deadline back to October 28, Yomiuri Shimbun reported on October 14. The offer had been due to close on October 14.
The move is the sixth time EQT has lifted its price in a contest for the Tokyo-based operator of the Tabelog restaurant review site. EQT faces a rival bid from a consortium of LY Corporation and US investment firm Bain Capital. Its last few increases have each added only a single yen per share.
EQT disclosed the new terms in an amended tender offer registration statement. It filed the statement with the Kanto Local Finance Bureau on October 14.
The fund launched its bid in May at JPY3,000 per share, with the offer originally set to run until July. LY Corporation and Bain Capital then made a joint proposal to acquire Kakaku.com, turning the deal into a bidding war. Since then EQT has repeatedly raised its price and extended its offer period. Its previous adjustment came on September 29, when it lifted the price from JPY3,680 to JPY3,681 and moved the deadline from that day to October 14.
The LY Corporation camp is preparing a tender offer of its own. The size of that bid depends on KDDI, a major Kakaku.com shareholder. If KDDI cooperates, the consortium plans to offer JPY3,720 per share. Without KDDI's backing, it would offer JPY3,597.
The consortium has said it has finished all the competition law procedures it needs. It intends to launch its offer once certain conditions are met, including winning the endorsement of Kakaku.com.