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Japan's Unizo Holdings rejects takeover bids from Blackstone, local fund

Japanese hotel chain Unizo Holdings Co. Ltd. said Oct. 10 that it rejected a revised takeover offer of ¥5,000 per share from U.S.-based private equity giant Blackstone Group Inc., as well as a separate offer from an undisclosed investment fund.

Blackstone made its revised offer for the company Oct. 7, which Unizo Holdings deemed to be inconsistent with its basic policies aimed at securing interests of its shareholders and maintaining or increasing its corporate value in the event of an acquisition. The announcement came after the company in September rejected Blackstone's original takeover offer.

Unizo Holdings also said it rejected an acquisition offer received Oct. 8 from the investment fund "acknowledged in Japan." The fund had offered to buy the company at between ¥4,500 per share and ¥5,000 per share.

The announcement came as Unizo Holdings' largest shareholder, Elliott Management Corp., questioned the Japanese company on how it responded to competing takeover offers it previously received from H.I.S. Co. Ltd. and SoftBank Group Corp.'s Fortress Investment Group LLC.

As of Oct. 9, US$1 was equivalent to ¥107.38.