Japan's H.I.S. looks to raise Unizo stake to 45% for $390 mln (updated)

HIS Co

10/07/2019 07:03

(Updates with announcement, share reaction)
    TOKYO, July 10 (Reuters) - Japanese travel services provider
H.I.S. Co  9603.T  said on Wednesday it would spend 42.655
billion yen ($391.76 million) to launch a tender offer for about
40% of shares in hotel operator Unizo Holdings Co  3258.T .
    H.I.S., already Unizo's top shareholder with a 4.79% stake,
said it would offer 3,100 yen for each Unizo share, representing
a 56% premium over Tuesday's closing price of 1,990 yen.
    Shares in Unizo rose by the daily allowable limit of 400 yen
 ($3.67), or up 20%, after the Nikkei business daily reported
the possible deal earlier. H.I.S. shares fell as much as 6.3%
before ending down 4.6%.
 ($1 = 108.8800 yen)

 (Reporting by Chang-Ran Kim; Editing by Himani Sarkar)
 ((ran.kim@thomsonreuters.com; +81-3-6441-1804; Reuters
Messaging: ran.kim.reuters.com@reuters.net))