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Oasis urges Kakaku.com to raise bid price amid takeover standoff
Oasis, which holds about 19.5% of Kakaku.com, rejected an EQT-backed price of JPY3,570 and said it would keep its shares while the offer stays below JPY3,640.
Activist hedge fund Oasis Management is pressing Kakaku.com to seek a higher takeover price as bids compete for the Japanese online platform, according to Hedgeweek and an Investing.com report.
Oasis, which owns about 19.5% of Kakaku.com, said it will not accept an offer of JPY3,570 per share from an EQT-backed consortium announced on 13 August. The EQT bid is below a competing proposal from Bain Capital and LY Corp at JPY3,640 per share.
Oasis said the Bain-led approach could be difficult to execute because it depends on cooperation from KDDI, one of Kakaku.com’s major shareholders. The activist fund said it would retain its shares rather than tender them to the EQT-led offer while that proposal remains below JPY3,640.
Oasis called on Kakaku.com’s board and special committee to either withdraw support for the EQT consortium’s tender offer or negotiate a transaction price above JPY3,640 per share. The standoff adds uncertainty to a competitive process, with Bain and EQT vying for control as investors weigh the value of Kakaku.com’s cash-generating online businesses and potential governance improvements.