Blackstone to Launch Tender Offer for Unizo

Economy

Tokyo, Oct. 16 (Jiji Press)--U.S. investment firm Blackstone Group said Tuesday it intends to launch a tender offer for Japanese real estate and hotel group Unizo Holdings Co. <3258> at 5,000 yen a share.

Blackstone said that if it does not obtain Unizo's consent for the plan by Oct. 23, it "will assess all of its available options," signaling the possibility of introducing a hostile tender offer.

The U.S. firm aims to acquire all outstanding Unizo shares. On the Tokyo Stock Exchange Tuesday, Unizo shares closed at 4,700 yen.

If Blackstone goes ahead with the plan, it will likely go into a takeover battle as a U.S. investment fund linked to Japan's Softbank Group Corp. <9984> has launched a separate tender offer for Unizo.

A hostile tender offer for Unizo by Japanese travel agency H.I.S. Co. <9630> ended in failure in August.

[Copyright The Jiji Press, Ltd.]

Jiji Press