Unizo last week rejected a buyout proposal from Blackstone as well as one from a "locally renowned" fund that it did not identify.
Each bidder is seeking to buy all shares in Hitachi Chemical, which is 51.2% owned by Hitachi.
Unizo said it rejected a Blackstone offer in September. The PE firm resubmitted its bid this week but was rejected again.
The tug-of-war over Unizo has marked a stark departure from most acquisitions in Japan, where takeovers tend to be pre-agreed deals waiting to be rubb
Unizo has publicly opposed the H.I.S. bid, saying it lacked synergy and undervalued the hotel chain.
Beijing has been speeding up asset disposals at Anbang, previously one of the most aggressive Chinese buyers of foreign assets.
JC Flowers partnered with PE firm Ripplewood to buy the failed Long-Term Credit Bank and relaunch it as Shinsei.
The deal is expected to draw interest from global private equity firms.
Policy & Regulations
The reform comes amidst renewed focus on shareholder rights.
Hitachi plans to sell its majority stake in Hitachi Chemical and the process could start as early as this month.
© Copyright DEALSTREETASIA 2014-2019 All rights reserved.
Forgot your password?
We will never share your information with third parties.
Already have an account? Sign in here
If you don’t already have an account click the button below to create your account.
Unlock your competitive advantage in a
rapidly evolving landscape. Our packages
come with exclusive access to archive
content, data, discount on summit tickets & more.
Be a part of our growing community now.