Blackstone says Unizo has not agreed to its $1.6 billion takeover offer

HIS Co

27/11/2019 16:50

TOKYO, Nov 28 (Reuters) - Blackstone Group Inc  BX.N  said
on Thursday it has been unable to obtain an agreement from
Japanese hotel operator Unizo Holdings Co Ltd  3258.T  for its
$1.6 billion takeover bid proposal.
    Blackstone last month offered to buy the company at 5,000
yen a share, which valued the hotel chain at 171 billion yen
($1.6 billion). It also warned the company that it would take
any measures if Unizo fails to respond to Blackstone's offer by
a deadline that it keeps extending. Its initial deadline was
Oct. 23.  urn:newsml:reuters.com:*:nL3N27024N
    "Unfortunately, despite our sustained good faith efforts, as
of the date of this release, Blackstone has been unable to reach
a definitive agreement with Unizo," Blackstone said in a
statement. 
    Unizo was a little-known property manager until Japanese
travel agent H.I.S. Co Ltd  9603.T  launched a hostile bid for
it in July. 
    Unizo had at one stage turned to U.S. buyout firm Fortress
Investment Group, which is owned by SoftBank Group Corp
 9984.T , to fend off the bid from H.I.S., but later withdrew
its support for Fortress' white-knight offer.
    Fortress is running its public tender offer at 4,100 yen per
share. 
    Blackstone said it would provide an update no later than
Dec. 6 if there are any changes in circumstances regarding
Unizo. 
    Unizo shares closed at 4,975 yen on Wednesday. 

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Blackstone turns up heat on hotelier Unizo with tender offer   
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 (Reporting by Junko Fujita; Editing by Lisa Shumaker)
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Messaging:junko.fujita.reuters.com@reuters.net;))