H.I.S. Tender Offer for Unizo Fails

Economy

Tokyo, Aug. 26 (Jiji Press)--Major Japanese travel agency H.I.S. Co.'s <9603> hostile tender offer for real estate and hotel group Unizo Holdings Co. <3258> ended in failure, according to H.I.S.

There was no offer to sell Unizo shares during the tender offer period that ended on Friday, H.I.S. said Saturday.

H.I.S. said it is considering a response.

The company planned to raise its stake in Unizo from 4.79 pct to up to 45 pct in an effort to strengthen its real estate and hotel business.

The failure came after Unizo supported a rival friendly offer from U.S. private-equity firm Fortress Investment Group LLC.

[Copyright The Jiji Press, Ltd.]

Jiji Press