Bain Capital and SoftBank's LY Corp have increased their takeover offer for Japanese price-comparison operator Kakaku.com to ¥3,384 per share, valuing the deal at approximately $4.1 billion. The move comes after their previous May bid of ¥3,232 and puts pressure on rival bidder EQT, whose standing offer of ¥3,000 per share now trails significantly.

Kakaku.com has shifted its position from recommending EQT to maintaining a neutral stance while continuing price discussions with the Swedish private equity firm. EQT responded by extending its tender offer deadline to July 16, buying time to reassess its strategy. The bidding war reflects intensifying private equity competition for Japanese tech assets, with both sides vying for control of Kakaku's portfolio including its comparison site, Tabelog restaurant reviews, and Kyujin Box job service.

The Bain-LY consortium signaled willingness to raise their offer to ¥3,500 per share if KDDI, one of Kakaku's largest shareholders, agrees to support the deal. They indicated the transaction would likely close around September, contingent on Kakaku's formal backing. Their pitch centers on improving profitability through capital injection and integration with LY's Line messaging and Yahoo Japan platforms.

This contest mirrors broader private equity activity surging across Japan, where corporate governance reforms have encouraged more listed companies to consider privatization. Recent battles include KKR's victory over Bain for software developer Fuji Soft last year, highlighting the competitive environment for quality Japanese assets.