Oasis Does Not Support a Tender Offer for Kakaku.com Below JPY 3,640 per Share (Stock Code: 2371 JT)

HONG KONG--(BUSINESS WIRE)--Oasis Management Company Ltd. (“Oasis”) is the manager to funds that beneficially own approximately 19.5% of Kakaku.com, Inc. (“Kakaku” or the “Company”). Oasis has adopted the Japan FSA’s Principles for Responsible Institutional Investors (a/k/a the Japan Stewardship Code) and, in line with those principles, Oasis monitors and engages with its investee companies.

Oasis is a long-term shareholder of the Company and has been in dialogue with Kakaku prior to the disclosure of the privatization plan by Kamgras 1 K.K. (“Kamgras 1”). As a large shareholder of the Company, we have been closely monitoring the privatization process.

Among the various proposals being made by potential bidders, we understand the highest one for minority shareholders has been made by BCPE Blitz Cayman, L.P. (“BCPE Blitz”), currently priced at JPY 3,640 per share. BCPE Blitz’s bid is premised on obtaining cooperation from KDDI Corporation (“KDDI”).

On the other hand, the tender offer by Kamgras 1 -- announced on August 13, 2026 and for which Kakaku has expressed its support -- is priced at JPY 3,570 per share (the “Kamgras Tender Offer”), representing a discount to the BCPE Blitz proposal.

Kamgras 1’s amended tender offer document dated August 13, 2026 states that “the Consortium intends to continue discussions going forward, including a request to Oasis to tender into the [Kamgras] Tender Offer.” However, as long as Kamgras 1’s tender offer price remains below BCPE Blitz’s offer price of JPY 3,640 per share, Oasis currently does not intend to tender its shares into the Kamgras Tender Offer.

Furthermore, the disclosures by Kamgras 1 and Kakaku characterize the tender offer at JPY 3,640 per share, which requires cooperation from KDDI, as “not realistic” due to the existing non-tender agreement between Kamgras 1 and KDDI. In this regard, based on the various disclosures, if the Kamgras Tender Offer fails, the major obligations under KDDI’s non-tender agreement would fall away, in which case Oasis believes that the tender offer at JPY 3,640 per share would be feasible.

Based on the circumstances around the Company, we request that Kakaku, the Board of Directors, and the Special Committee withdraw their support for the Kamgras Tender Offer or renegotiate the tender offer price to exceed JPY 3,640 per share.

Oasis manages private investment funds focused on opportunities in a wide array of asset classes across countries and sectors. Oasis was founded in 2002 by Seth H. Fischer, who leads the firm as its Chief Investment Officer. More information about Oasis is available at https://oasiscm.com. Oasis has adopted the Japan FSA’s “Principles of Responsible Institutional Investors” (a/k/a the Japan Stewardship Code) and, in line with those principles, Oasis monitors and engages with our investee companies.

The information and opinion contained in this press release (referred to as the "Document") is provided by Oasis for informational purposes only or for reference purposes only.

Oasis is not in any way soliciting or requesting shareholders to jointly exercise their voting rights together with Oasis. Shareholders that have an agreement to jointly exercise their voting rights are regarded as “Joint Holders” under the Japanese large shareholding disclosure rules, and they must file a notification of their aggregate share ownership with the relevant Japanese authority for public disclosure. Oasis disclaims any intention to be treated as a Joint Holder and/or a Specially Related Person with any other shareholder under the Japanese Financial Instruments and Exchange Act (“FIEA”) by virtue of the expression of views and opinions and/or any engagement with shareholders and other third parties in or through this document, any public statements or any other information or materials created and/or published by Oasis (whether written or oral, and regardless of medium). Oasis has no intention to receive any power to represent other shareholders in relation to the exercise of their voting rights. This document exclusively represents the opinions, interpretations, and estimates of Oasis. Oasis is expressing such opinions solely in its capacity as an investment advisor to the Oasis funds. Oasis and/or the investment funds it advises hold, and may in the future hold, investments in the company referenced in this document. Accordingly, the views and opinions expressed in this document should not be regarded as impartial. Nothing in this document should be taken as any indication of Oasis’ current or future trading, voting or other intentions which may change at any time. Nothing stated herein is intended to be or should be construed as a proposal for the purposes of paragraph 1 of Article 14-8-2 of the Order for Enforcement of the FIEA (Cabinet Order No 321 of 1965), as amended by Cabinet Order No 247 of 4 July 2025 or otherwise, unless otherwise expressly indicated. The Document exclusively represents the opinions, interpretations, and estimates of Oasis.