Blackstone extends bid for Japan's Unizo in hot property market

Photo: Unizo website

U.S. investment firm Blackstone Group has again given Japanese hotel chain Unizo Holdings more time to respond to its takeover proposal as conflict over the terms prolongs a tug of war over the company and its valuable property holdings.

Blackstone said Monday that it has given Unizo until Nov. 6 to respond to its tender offer to acquire up to all of the company’s outstanding common stock for 5,000 yen ($46) per share. The fund has stated that it will “assess all of its available options” if Unizo does not agree and indicated that a hostile takeover bid is on the table.

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