LY Corp, backed by SoftBank, and Bain Capital have once again raised their takeover bid for Kakaku.com, valuing the Japanese price comparison website operator at ¥670 billion (US$4.12 billion). This move further widens the gap with a competing offer from Sweden's EQT Corp.

In a legally binding offer announced late Wednesday, LY and Bain stated they would increase their bid for all outstanding shares of Kakaku.com to ¥3,384 per share, up from the ¥3,232 per share offer made in May.

The consortium indicated that the offer would be raised to ¥3,500 per share if KDDI, one of Kakaku.com's major shareholders, agrees to support the acquisition.

In light of this new proposal, Kakaku.com stated on Thursday that it will enter into discussions with EQT, whose current offer stands at ¥3,000 per share. The company will maintain its support for the Swedish investment firm's takeover bid for the time being.

The company has withdrawn its previous recommendation for shareholders to support the EQT offer, shifting its stance to "neutral." It added that it will engage in discussions with both bidding parties.