Blackstone still open to talks with Japan’s Unizo after bid deadline lapses

Photo: Unizo website

Blackstone said on Thursday that Japanese hotel operator Unizo had missed a deadline to agree with conditions set for its proposed $1.6 billion takeover bid, but the U.S. buyout group was prepared to embark on more talks.

Unizo was little known until it became a target for a hostile bid by travel agent H.I.S. Co  in July, but has since attracted attention from top global funds looking to buy into Japan’s property market on the cheap.

Blackstone had told Unizo it would launch a tender offer or explore other options if Unizo did not agree to its offer of 5,000 yen a share, valuing the company at 171.1 billion yen ($1.6 billion) by Wednesday.

“Blackstone has not received Unizo’s consent and entry into an agreement between Blackstone and Unizo with respect to the Blackstone offer,” the U.S. buyout fund said in a statement.

“Accordingly, Blackstone is currently assessing all available options and remains prepared to engage in further discussions with Unizo,” said Blackstone, adding it would issue another statement on Nov 18.

Unizo had originally supported SoftBank Group-backed Fortress Investment Group, which in August offered a white-knight bid of 4,000 yen a share. But it later withdrew its support for Fortress bid, which values Unizo at 137 billion yen ($1.3 billion) and is due to run until Nov. 11.

Unizo shares closed at 5,090 yen on Thursday.

Reuters

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.