SoftBank's LY, Bain raise Kakaku bid again, topping rival EQT offer

Key facts

• LY Corp and Bain Capital raised their bid for Kakaku.com.
• The new bid for Kakaku.com is 670 billion yen ($4.12 billion).
• Kakaku.com withdrew its recommendation for the EQT bid.
• Kakaku.com will engage with both LY Corp/Bain Capital and EQT.
• Perpetual rejected EQT's takeover proposal.
• EQT's proposal for Perpetual was valued at A$2.45 billion ($1.69 billion).
• Perpetual stated EQT's offer did not represent fair value.

SoftBank's LY Corp and Bain Capital have again increased their offer for the Japanese price-comparison website operator Kakaku.com. The revised bid now stands at 670 billion yen, which equates to approximately $4.12 billion. This latest offer from LY Corp and Bain Capital surpasses a competing bid previously made by EQT. In response to the enhanced offer, Kakaku.com has withdrawn its recommendation for the EQT bid. The company has stated it will now engage with both LY Corp/Bain Capital and EQT regarding their respective proposals.

In a separate transaction, Australian financial services provider Perpetual has rejected a takeover proposal from Swedish private equity firm EQT AB. The non-binding offer from EQT valued Perpetual at A$2.45 billion, or approximately $1.69 billion. Perpetual's board of directors concluded that the offer did not adequately represent the fair value of the company and therefore decided to reject it. The company has communicated this decision to EQT.