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Lone Star-backed Chitocea set to become new owner of Japan's Unizo Holdings

A tender offer by Lone Star-backed Chitocea Investment Co. Ltd. for UNIZO Holdings Co. Ltd. shares expired April 2, with the buyer set to acquire all 29,618,824 shares tendered in the offer at ¥6,000 apiece in cash.

The tendered shares represent 86.55% of the Japanese hotel operator's outstanding shares, with Chitocea planning to acquire the remaining Unizo shares that were not tendered in the offer.

Unizo shareholders Elliott International LP and The Liverpool LP agreed to tender their shares, effective April 10, which is the date for the commencement of settlement.

Once the settlement is complete, Chitocea aims to request that Unizo hold an extraordinary shareholder meeting, with a view to executing a reverse split of its shares, among other things, that would eventually lead to the company's delisting.

Unizo previously also attracted interest from several potential suitors, including private equity and real estate giant The Blackstone Group Inc.

As of April 2, US$1 was equivalent to ¥107.72.