Hotel Chain Unizo Opposes H.I.S. Tender Offer
Tokyo, Aug. 6 (Jiji Press)--Japanese hotel chain operator Unizo Holdings Co. <3258> on Tuesday announced its opposition to a tender offer to its shareholders by major travel agency H.I.S. Co. <9603>.
H.I.S. aims to collaborate with Unizo in the hotel business. But Unizo said that an H.I.S.-sought business partnership would not likely create synergy effects.
Unizo pointed to a lack of trust between the two companies, claiming that H.I.S. last month announced the tender offer without advance notice.
According to the tender offer, H.I.S. plans to buy Unizo shares for 3,100 yen apiece to boost its stake in Unizo from the current 4.79 pct to up to 45 pct.
Unizo argued Tuesday that the purchasing price does not properly reflect its corporate value.
[Copyright The Jiji Press, Ltd.]