ReutersReuters · 实盘不做把握 5/10标签:reuters
北京时间·🕒 发布 07-02 11:31:17时区推断决策时所见发布时间偏差 −8h(已更正)·⟳ 抓取 07-02 11:44:53·⚡ 决策 07-03 00:28:35 +12h43m·116.8 天前
LY与贝恩再次上调对Kakaku.com的收购报价，Kakaku撤回对EQT报价的推荐并转为中立
Kakaku.com（2371.JP）是被收购方，事件方向本身利多，但已知参考价3390日元已经高于LY/Bain具法律约束力的3384日元报价。
📄 原文Reuters↗ 原文
SoftBank's LY Corp (4689.T) and Bain Capital have again raised their bid for Kakaku.com (2371.T) , valuing the Japanese…
不做 Kakaku.com（2371.JP）
硬理由是确定报价3384日元低于已知参考价3390日元，3500日元仅为KDDI支持下的条件性上调，剩余毛空间约3.2%且存在董事会、KDDI、反垄断和竞购失败风险，正期望不足。
不做 LY（4689.JP）
收购方不是直接套利受益标的，交易金额大且未披露短期利润增量，事件对LY短线方向不清，不能把协同叙事包装成做多。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
消息传播链
- Bloomberg相关报道已提前称Bain与LY准备提出高于EQT的约束性报价，Kakaku股价随后上涨，说明竞购升级并非完全新鲜。市场反应:报道称Kakaku当时涨约2%至3370日元。
- Reuters披露LY/Bain将报价提高到3384日元，并在KDDI支持时提高到3500日元，估值约6700亿日元。
- Kakaku称将与EQT讨论报价，同时撤回对EQT报价的股东推荐并改为中立，确认董事会尚未支持LY/Bain。
- 媒体称Kakaku周四上涨近4%并创5月18日以来高位，说明当天已对竞购升级作出明显反应。市场反应:Kakaku上涨近4%，跑赢下跌约2%的日经225。
关键理由
- Kakaku.com（2371.JP）是被收购方，事件方向本身利多，但已知参考价3390日元已经高于LY/Bain具法律约束力的3384日元报价。
- 3500日元上调价只在KDDI同意支持时触发，且LY/Bain明确表示需Kakaku给出支持意见才会发起要约，当前不是无条件现金套利。
- LY（4689.JP）是潜在收购方，6700亿日元交易对其更偏资本配置和整合风险，短线不构成明确同向利好。
主要风险
- 若KDDI支持且Kakaku董事会转向LY/Bain，Kakaku仍可能向3500日元靠拢，但从3390到3500的毛空间约3.2%，不足以覆盖交易条件和竞购不确定性。
- 若Kakaku维持EQT交易框架或谈判失败，股价可能回落至3384日元以下甚至向EQT的3000日元报价靠拢。
反向证据
- 做多前查反向 · 来源 web · 日期 2026-07-02 · 影响 weakens
反向证据是LY/Bain不会在没有Kakaku支持意见时发起要约，3500日元还取决于KDDI支持，当前不是确定现金收购。
检索:Kakaku.com Bain LY 3384 3500 KDDI support condition board opinion risk 原文 ↗ - 做多前查反向 · 来源 web · 日期 2026-07-02 · 影响 weakens
媒体称Kakaku已经因该消息上涨近4%，叠加参考价3390日元高于3384日元确定报价，套利安全边际不足。
检索:Kakaku.com 2371 JP price 3384 3500 July 2 shares rose 原文 ↗
工具调用 · 历史记录,结果未知(2 种)
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原文全文
展开原文 · 2,067 字
SoftBank's LY Corp (4689.T) and Bain Capital have again raised their bid for Kakaku.com (2371.T) , valuing the Japanese price-comparison website operator at 670 billion yen ($4.12 billion) and widening the gap over a rival offer from Sweden's EQT (EQTAB.ST) .
In the legally binding offer unveiled late on Wednesday, LY and Bain said they would raise their bid for all outstanding Kakaku.com shares to 3,384 yen apiece from 3,232 yen each proposed in May.
Following the new proposal, Kakaku.com said in a statement on Thursday that it would pursue discussions with EQT over its offer price, currently at 3,000 yen a share, while maintaining its support for the Swedish investment firm's bid.
It withdrew its shareholder recommendation to support the EQT bid, changing its stance to "neutral," adding that it would engage in talks with both bidders.
M&A activity has surged in Japan in response to changes in governance that have encouraged more firms to go private. Private equity firms have spearheaded a number of deals, and last year KKR (KKR.N) and Bain battled to take private Fuji Soft, a software developer. KKR ultimately prevailed in that faceoff.
LY and Bain said their offer would increase to 3,500 yen a share if KDDI Corp (9433.T) , one of Kakaku.com's largest shareholders, agreed to support the bid.
EQT said in May, following the initial announcement of the rival bid, that it was confident in the attractiveness of its offer. EQT did not respond to a request for comment on Thursday.
Kakaku operates a range of online businesses including price-comparison website Kakaku.com, restaurant review and reservation platform Tabelog and job-search service Kyujin Box.
Bain and LY said they could improve the profitability of Kakaku's businesses by injecting capital, providing management support and aligning with LY's existing businesses, which include the Line messaging app and Yahoo Japan.
LY and Bain said that they would not launch their offer unless they received an opinion in support from Kakaku.
($1 = 162.4900 yen)
In the legally binding offer unveiled late on Wednesday, LY and Bain said they would raise their bid for all outstanding Kakaku.com shares to 3,384 yen apiece from 3,232 yen each proposed in May.
Following the new proposal, Kakaku.com said in a statement on Thursday that it would pursue discussions with EQT over its offer price, currently at 3,000 yen a share, while maintaining its support for the Swedish investment firm's bid.
It withdrew its shareholder recommendation to support the EQT bid, changing its stance to "neutral," adding that it would engage in talks with both bidders.
M&A activity has surged in Japan in response to changes in governance that have encouraged more firms to go private. Private equity firms have spearheaded a number of deals, and last year KKR (KKR.N) and Bain battled to take private Fuji Soft, a software developer. KKR ultimately prevailed in that faceoff.
LY and Bain said their offer would increase to 3,500 yen a share if KDDI Corp (9433.T) , one of Kakaku.com's largest shareholders, agreed to support the bid.
EQT said in May, following the initial announcement of the rival bid, that it was confident in the attractiveness of its offer. EQT did not respond to a request for comment on Thursday.
Kakaku operates a range of online businesses including price-comparison website Kakaku.com, restaurant review and reservation platform Tabelog and job-search service Kyujin Box.
Bain and LY said they could improve the profitability of Kakaku's businesses by injecting capital, providing management support and aligning with LY's existing businesses, which include the Line messaging app and Yahoo Japan.
LY and Bain said that they would not launch their offer unless they received an opinion in support from Kakaku.
($1 = 162.4900 yen)
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