Blackstone says Unizo has not agreed to its $1.6b takeover offer

Photo: Unizo website

Blackstone Group Inc said on Thursday it has been unable to obtain an agreement from Japanese hotel operator Unizo Holdings Co Ltd for its $1.6 billion takeover bid proposal.

Blackstone last month offered to buy the company at 5,000 yen a share, which valued the hotel chain at 171 billion yen ($1.6 billion). It also warned the company that it would take any measures if Unizo fails to respond to Blackstone’s offer by a deadline that it keeps extending. Its initial deadline was Oct. 23.

“Unfortunately, despite our sustained good faith efforts, as of the date of this release, Blackstone has been unable to reach a definitive agreement with Unizo,” Blackstone said in a statement.

Unizo was a little-known property manager until Japanese travel agent H.I.S. Co Ltd launched a hostile bid for it in July.

Unizo had at one stage turned to U.S. buyout firm Fortress Investment Group, which is owned by SoftBank Group Corp , to fend off the bid from H.I.S., but later withdrew its support for Fortress’ white-knight offer.

Fortress is running its public tender offer at 4,100 yen per share.

Blackstone said it would provide an update no later than Dec. 6 if there are any changes in circumstances regarding Unizo.

Unizo shares closed at 4,975 yen on Wednesday.

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.