Oasis says it will not support buyout offer below 3,640 yen per share for Kakaku.com

M&A · Partnership
โดย Reuters·JP·Read original
Summary · why it matters

Hong Kong fund Oasis Management said on the 19th that among multiple buyout proposals for Kakaku.com, in which it holds about 19.5% of shares, the tender offer of up to 3,640 yen per share currently proposed by the LINE Yahoo consortium is the best option for minority shareholders. It also said that as long as the price of the rival tender offer by European investment firm EQT, at 3,570 yen, is below the LINE Yahoo camp's offer, it has no intention of tendering its shares to EQT. Kakaku.com has expressed support for EQT's buyout proposal, and on the 13th the price was raised from 3,450 yen to 3,570 yen per share. LINE Yahoo, teaming up with US investment fund Bain Capital, set the purchase price at 3,520 yen per share if it launches a tender offer for Kakaku.com, and at 3,640 yen if it signs an agreement under which major shareholder KDDI will not tender. LINE Yahoo has made Kakaku.com's expression of support a condition for launching the tender offer. KDDI has already signed a non-tender agreement with EQT, and can tender to a rival offer only if that rival offer is launched at a price more than 2% above EQT's tender offer price. For this reason, Kakaku.com regards the 3,640 yen price as unfeasible, but Oasis said that if EQT's tender offer fails, the main obligations under the existing contract would lapse, making a tender offer at 3,640 yen feasible. It also called on Kakaku.com to take steps such as withdrawing its support for EQT's proposal.

Impact on stocks 4

Communication Services▲ · 2 stocks
Kakaku.com, Inc.
2371
± MixedCapitalrelevance

Oasis opposes EQT's offer and pressures Kakaku.com to withdraw support, creating uncertainty.

LY Corporation
4689
▲ PositiveCapitalrelevance

Oasis supports LINE Yahoo's higher offer, increasing chances of successful acquisition.

Artificial Intelligence▲ · 1 stocks
KDDI Corporation
9433
▲ PositiveCapitalrelevance

Oasis's stance may lead to higher bid from LINE Yahoo, benefiting KDDI as major shareholder.

Energy Transition & Power Demand▲ · 1 stocks

Off-coverage companies 1

Oasis ManagementPrivate▲ Positive
Capitalrelevance

Oasis publicly states its position, potentially influencing the buyout outcome in its favor.

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