Bain Capital and SoftBank‑affiliated LY Corporation are readying a binding offer for Kakaku.com, setting up a takeover duel with EQT. Sources say they will submit a bid next week that tops EQT’s ¥3,000‑per‑share tender, which expires 2 July. The partners previously floated ¥3,232 per share in May, though details of the new proposal remain undisclosed. The bid seeks control of Kakaku’s price‑comparison engine and data assets.

Kakaku’s board currently backs EQT’s offer, with major shareholders Digital Garage and KDDI pledging support for a private transaction. Market sentiment, however, hints at a higher bid; shares closed Friday at ¥3,310, up 43% year‑to‑date, giving the company a valuation of ¥656 billion ($4.1 billion). Japanese M&A activity is accelerating as a weak yen and low rates draw foreign capital, amid a broader push for shareholder returns.

For Bain, Kakaku represents a cash‑generating digital platform that fits a typical private‑equity playbook, while LY eyes strategic synergies with Yahoo Japan’s comparison tools and the Tabelog restaurant‑review site. The board’s next move will decide whether to stick with its EQT recommendation or entertain the higher proposal, a decision that could reopen a contest many thought settled. The outcome will influence future cross‑border PE activity.