Bain Capital and LY Corp. have submitted a joint offer to acquire Tokyo-listed Kakaku.com Inc., directly challenging EQT AB's existing takeover bid for the $3.7 billion price comparison site operator. The competing approach sets up a bidding war for one of Japan's leading consumer comparison platforms.

Kakaku.com operates Japan's most widely used price comparison and consumer review websites, helping shoppers compare product prices across major retailers. The company's dominant market position has attracted interest from multiple global private equity firms, with EQT having previously made an offer that now faces a rival bid.

The dual takeover interest underscores the strategic value of Kakaku's digital platform and extensive consumer data in Japan's e-commerce ecosystem. Industry observers suggest the competing bids could drive the final acquisition price well above initial expectations.

A successful bidder will gain significant exposure to Japan's price-conscious consumers and the growing online shopping market, though Kakaku's existing management and growth strategy may influence which offer prevails.