Unizo says it will continue talks with Blackstone
21/10/2019 09:09
TOKYO, Oct 21 (Reuters) - Japanese hotel chain Unizo
Holdings 3258.T said on Monday it would continue talks with
Blackstone Group BX.N , which last week submitted a buyout
offer despite previous rejections.
Blackstone last week told Unizo it would launch a tender
offer at 5,000 yen a share and warned the company it might take
more aggressive measures if Unizo did not agree to the
conditions by Wednesday. urn:newsml:reuters.com:*:nL3N27024N
"We have carefully evaluated and considered Blackstone's
offer. And today all the board members agreed to continue talks
with Blackstone as its proposals could help maintain and improve
corporate value and secure shareholders benefit," Unizo said in
a statement.
The bid from Blackstone marked another twist in the
takeover saga surrounding the once-obscure hotelier, now seen as
a test case for Prime Minister Shinzo Abe's push for greater
transparency and corporate disclosure.
Unizo has already rejected other buyout proposals from
Blackstone as well as one from a "locally renowned" fund that it
did not identify.
Unizo also withdrew support in September for a
white-knight bid from SoftBank-backed 9984.T Fortress
Investment Group. In July, it was a target for travel agent
H.I.S. Co 9603.T in a failed hostile bid. urn:newsml:reuters.com:*:nL3N26V2ZQ
(Reporting by Junko Fujita; Editing by Gerry Doyle)
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