Kakaku.com Inc. shareholder Oasis Management Co. has formally requested the company withdraw its support for EQT AB's buyout proposal, arguing the offer significantly undervalues the Japanese price comparison platform. The demand escalates an intensifying bidding war for control of one of Japan's leading consumer technology companies.

In a letter to Kakaku.com's board, Oasis Management stated the current bid fails to reflect the company's intrinsic value and long-term growth prospects. The activist investor, known for its engagement in Japanese corporate governance, believes the board has a fiduciary duty to seek higher offers or pursue alternative strategic options that maximize shareholder returns.

EQT AB's proposal represents the latest in a series of private equity approaches targeting Japanese technology firms. The Swedish investment firm has been expanding its presence in Asia's largest economy, but faces increasing scrutiny from activist shareholders demanding premium valuations. Kakaku.com operates Japan's largest price comparison website, Kakaku.com, and the restaurant review platform Tabelog, generating stable cash flows that attract financial buyers.

The standoff highlights growing tension between foreign private equity firms and activist investors in Japan's evolving M&A landscape. Kakaku.com's board must now evaluate whether to endorse EQT's offer, negotiate improved terms, or explore competing bids.