Japanese hotel group Unizo receives six new buyout offers

Photo: Unizo website

Japanese hotel operator Unizo Holdings said on Sunday it had received six more buyout offers at a price competitive with an existing $1.6 billion bid proposed by Blackstone Group.

Unizo said it had received offers from four overseas investment funds and one Japanese fund as well as one domestic company, without naming the bidders.

Unizo said none of the offers would meet its demands.

The multiple offers may further complicate the takeover saga surrounding the hotel operator, which is already in talks with two top global investment groups – Blackstone and Fortress Investment Group.

Unizo in July became a target for a hostile bid by a Japanese travel agent H.I.S. Co. Unizo at one stage turned to SoftBank Group-owned Fortress to fend off the bid. But later it withdrew its support for Fortress’ white-knight offer.

Last month, Blackstone offered to buy the company at 5,000 yen per share, valuing Unizo at $1.6 billion.

Unizo said on Sunday it was positively engaged in talks with Blackstone. Blackstone on Friday extended the deadline for Unizo to respond to its offer..

Fortress is currently running a public tender offer to buy Unizo at 4,100 yen per share, valuing the company at $1.3 billion. Unizo said on Sunday it was asking Fortress to raise its bid price to 5,000 yen per share. Unizo said it wanted any bidder to make an offer at 5,000 yen per share or more. Some of the new bidders are still considering the offer price, Unizo said.

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.