Blackstone raises offer for Japan's Unizo, tops Lone Star's bid (updated)

HIS Co

24/02/2020 10:25

(Adds detail)
    TOKYO, Feb 24 (Reuters) - Blackstone Group  BX.N  has raised
its proposed offer to buy Japanese hotel chain Unizo Holdings
 3258.T  to 6,000 yen ($53.78) from 5,600 yen per share, the
U.S. private equity firm said on Monday, topping a bid by U.S.
investment fund Lone Star.
    The improved offer values the company at 205 billion yen,
compared with Unizo's market value of 200 billion yen as of
Friday last week. 
    Unizo supports an offer from Lone Star, which has bid 5,700
yen per share. Lone Star's bid is scheduled to expire on Friday.
 
    "Blackstone believes that the revised Blackstone offer
offers the best option, not only for Unizo's shareholders, who
will be allowed to maximise the value of their shares, but also
for all Unizo employees," Blackstone said in a statement. 
    Blackstone said it would only launch its bid if Unizo agrees
with Blackstone's conditions by April 30.    
    Unizo in July became the target of a hostile bid by Japanese
travel agent H.I.S. Co  9603.T . Unizo at one stage turned to
U.S. buyout firm Fortress Investment Group to fend off that bid.
    But it now opposes Fortress's bid which stands at 5,200 yen
per share.  urn:newsml:reuters.com:*:nL4N29Y1RR
    Blackstone emerged as a potential bidder in October. While
Blackstone tried to win over Unizo management following its
initial approach, Unizo turned to Lone Star.  urn:newsml:reuters.com:*:nL4N28W065

    

 (Reporting by Junko Fujita; editing by Edmund Blair and Jason
Neely)