SoftBank Group-owned Fortress raises offer for Japan’s Unizo by 2.5%

Photo: Unizo website

Fortress Investment Group raised its bid on Friday for Japanese hotel operator Unizo Holdings by 2.5% but the offer remains well below both the current share price and an offer from a rival suitor.

SoftBank Group-owned Fortress bumped up its bid for Unizo to 4,100 yen per share from 4,000 yen, or $1.3 billion, and extended its tender offer period until Nov. 29, a regulatory filing with the Japanese finance ministry showed.

That compares with a 5,000 yen-per-share offer by Blackstone Group (BX.N) and the latest share price of around 4,990 yen in Tokyo trade on Friday.

But Fortress said the recent jump in Unizo’s share price was temporary and did not reflect its objective value, the filing showed.

U.S.-based Fortress had emerged in August as a white knight for the hotelier with a 137 billion yen ($1.3 billion) bid when Unizo was the target of travel agency H.I.S. Co (9603.T).

Unizo later withdrew its support for Fortress.

It also rejected in October a $1.6 billion offer from Blackstone. The U.S. private equity firm then doubled down by saying it would launch a tender offer.

But Blackstone said last week that Unizo had missed a deadline to agree with conditions set for its proposed takeover bid and that the buyout group was prepared to embark on more talks. Blackstone said it would make an announcement on Monday.

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.