EQT and Bain Battle for $5 Billion Kakaku.com

Private equity firms EQT AB and Bain Capital are engaged in a contested bidding war to acquire Kakaku.com, a Japanese internet company valued at approximately $5 billion. EQT initiated its bid in May and has since increased its offer price seven times, most recently raising the price to 3,683 yen per share and extending the offer period to November 12.

Bain Capital has submitted a rival offer of 3,700 yen per share in partnership with LY Corporation, a subsidiary of SoftBank Group. This bid could rise to 3,720 yen if the partnership secures support from KDDI, the third-largest shareholder of the target company. LY Corporation intends to create synergies between its own internet services and the price comparison and restaurant review platforms operated by Kakaku.com.

The competition reflects a growing trend of contested takeovers in Japan. Private equity firms are increasingly partnering with strategic non-financial buyers to drive higher valuations for target companies.