Fortress Extends Tender Offer Deadline for Japanese Hotel Chain Unizo

Economy

Tokyo, Oct. 18 (Jiji Press)--Fortress Investment Group LLC has extended the deadline of its tender offer for Japanese hotel chain Unizo Holdings Co. <3258> to Nov. 1.

The U.S. investment firm, once a "white knight" for Unizo, is believed to continue talks with the Japanese company, as its offer of 4,000 yen for each Unizo share is certain to fail, given the company's stock price of 4,940 yen on the Tokyo Stock Exchange at Thursday's closing.

Another U.S. investment firm, Blackstone Group Inc., said Tuesday that it will launch a tender offer to buy Unizo shares for 5,000 yen apiece, once it reaches accord with the Unizo side.

Blackstone also said it would consider every option if it fails to gain the consent of the Japanese firm, indicating a possible hostile bid.

Fortress, affiliated to Japan's Softbank Group Corp. <9984>, initially emerged as a white knight that would protect Unizo from a hostile takeover bid launched by major Japanese travel agency H.I.S. Co. <9630> in July.

[Copyright The Jiji Press, Ltd.]

Jiji Press