SoftBank-owned Fortress to make rival bid for Japan's Unizo -Nikkei (updated)

HIS Co

16/08/2019 01:53

* H.I.S has launched 3,100 Y/shr offer to raise Unizo stake
to 45%
    * Unizo opposes H.I.S. offer, sought Fortress as 'white
knight'-report

 (Adds background, no immediate response from Unizo)
    TOKYO, Aug 16 (Reuters) - Fortress Investment Group, a U.S.
investment firm owned by SoftBank Group  9984.T , will offer to
buy Japanese hotel operator Unizo Holdings  3258.T , launching a
counter bid against travel agency H.I.S. Co  9603.T , the Nikkei
reported.
    Fortress will a launch tender offer as soon as the start of
next week for all the shares in Unizo at a price higher than
H.I.S.'s offer of 3,100 yen per share, the Nikkei said on
Friday.
    Unizo, which opposes H.I.S.'s bid, has sought help from
Fortress as a 'white knight', the Japanese daily said, without
citing sources.
    Fortress, H.I.S. and Unizo representatives were not
immediately available for comment.
    H.I.S., which already owns 4.79% in Unizo, last month
launched a tender offer to raise its stake in Unizo to as much
as 45%. Unizo said it opposed the offer, setting the stage for a
rare hostile bid in Japan.  urn:newsml:reuters.com:*:nL4N25222A
    Unizo has a stock market value of about 123.5 billion yen
($1.2 billion), according to Refinitiv data.
    U.S. hedge fund Elliott Management has been gradually
raising its stake in Unizo and now holds 9.9% of the hotel
operator, regulatory filings show.
    Unizo shares closed at 3,600 yen on Thursday, or 16% above
H.I.S.'s offer. Trade was suspended following the Nikkei report
pending company comment.
($1 = 106.0600 yen)

 (Reporting by Chris Gallagher; Additional reporting by Antoni
Slodkowski; Editing by Richard Pullin and Muralikumar
Anantharaman)
 ((chris.gallagher@thomsonreuters.com; 81-3-6441-1842;))