EQT AB is increasing its tender offer price for Japan's Kakaku.com Inc., escalating its bidding war with the duo of LY Corp. and Bain Capital for the online data firm. The Swedish private equity giant's revised bid signals heightened competition for the operator of price-comparison website Kakaku.com and restaurant review platform Tabelog.

This move follows a series of escalating offers since LY Corp. and Bain Capital announced their joint proposal in early 2024. EQT AB's latest price hike aims to sway Kakaku.com Inc. shareholders and the company's independent committee, which has yet to endorse either bid.

The contest underscores strong private equity appetite for Japanese digital assets amid corporate governance reforms. Kakaku.com Inc. shares have surged on speculation, reflecting investor confidence that a premium will be paid regardless of the ultimate winner.

Regulatory scrutiny remains a factor, with Japan's Fair Trade Commission reviewing potential antitrust implications given LY Corp.'s dominant position in messaging via LINE.