The privatization bidding war for Kakaku.com, the operator of Japan's leading price comparison website, is heating up. Bain Capital and SoftBank-backed LY Corp are reportedly considering further increasing their joint acquisition offer, with a new per-share price potentially exceeding the 3,450 yen per share proposed by EQT last week.

Kakaku.com operates Japan's well-known price comparison website, a restaurant review platform, and job search services. Since the takeover battle erupted, Kakaku's share price has surged nearly 60%, giving it a current market value of approximately $4.5 billion. The elevated stock price suggests investors anticipate that bidders will continue to raise their offers.

According to sources familiar with the matter, Bain and LY Corp are preparing a new round of bids, which could be submitted in the coming days. However, discussions remain ongoing, and no final decision has been made. Previously, the consortium had raised its offer from 3,232 yen per share to 3,384 yen per share, with a clause to increase it to 3,500 yen per share if major shareholder KDDI provides its support.

Currently, EQT's offer of 3,450 yen per share stands as the highest valid bid, and Kakaku's management supports EQT's acquisition proposal. In response, EQT has extended the tender offer deadline to August 3rd to allow more time for discussions with key shareholders.

Analysts suggest that for the Bain and LY Corp consortium to succeed, it must demonstrate to management the certainty of the deal and the feasibility of a higher offer.