Blackstone to launch tender offer for Japan's Unizo
Unizo frustrated some investors by welcoming Fortress’s bid and then back-tracking.
Blackstone said in a statement it would offer 5,000 yen a share for Unizo, valuing the hotel chain at around 171.1 billion yen . That represents a slight premium to Unizo’s closing price of 4,700 yen and a sharp premium to Fortress’s proposal of 4,000 yen. Last week, Unizo’s top shareholder, Elliot Management, ended weeks of public silence to ask Unizo’s board to address its concerns about disclosure.
Blackstone said it would consider “any possible options” including initiating the bid if Unizo would not agree with its proposals by Oct. 23. Blackstone has opposed Unizo’s plan to create a scheme where Unizo employees could exercise control over a new owner’s ability to later exit.Our Standards:
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