Activist hedge fund firm Oasis Management is pressing Kakaku.com to seek a higher takeover price as a bidding contest for the Japanese online platform continues, according to a report by Investing.com.

Oasis, which owns about 19.5% of Kakaku.com, said it will not accept an offer of JPY3,570 per share from an EQT-backed consortium.

The private equity group’s bid, announced on 13 August, is below a competing proposal from Bain Capital and LY Corp offering JPY3,640 per share. Oasis nevertheless considers the Bain-led approach difficult to execute because it depends on the cooperation of major Kakaku shareholder KDDI.

Oasis said it would retain its shares rather than tender them to the EQT-led offer while that proposal remains below the JPY3,640 level.

The hedge fund is calling on Kakaku.com’s board and special committee to either withdraw their backing for the EQT consortium’s tender offer or negotiate a transaction price above JPY3,640 per share.

Kakaku.com’s board had previously indicated its support for the EQT-backed proposal. An amended tender offer document dated 13 August said the consortium, operating through Kamgras 1, intended to continue discussions with Oasis and encourage the activist investor to participate in the offer.

The standoff adds another layer of uncertainty to an increasingly competitive takeover process. Bain and EQT have been vying for control of Kakaku.com as investors focus on the value of its cash-generative online businesses and the potential for further improvements in corporate governance.