Fortress Tender Offer for Unizo Fails
Tokyo, March 19 (Jiji Press)--U.S. private-equity firm Fortress Investment Group LLC said Thursday that its tender offer for real estate and hotel group Unizo Holdings Co. <3258> has ended in failure.
Applications to sell Unizo shares to Fortress fell short of the minimum requirement during the tender offer period that ended on Wednesday.
In the tender offer, Fortress had sought to acquire more than two-thirds of all Unizo shares for 5,200 yen apiece.
The firm said it will suspend attempts to acquire Unizo, but added that it will continue discussions with the hotel operator on cooperation in the hotel business.
Fortress 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. <9603>.
[Copyright The Jiji Press, Ltd.]