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Blackstone extends deadline on ¥171B Unizo takeover proposal

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Blackstone extends deadline on ¥171B Unizo takeover proposal

The Blackstone Group Inc. is still awaiting Unizo Holdings Co. Ltd.'s formal written response about its proposed $1.6 billion takeover of the Japanese hotel management company and plans to announce updates at the latest by Dec. 13, Reuters reported, citing a statement from the firm.

The private equity firm's offer of ¥5,000 per share values Unizo at approximately ¥171 billion.

Earlier in October, Blackstone said it would consider other options or launch a tender offer if Unizo did not agree to its proposed transaction terms by the deadline, which it keeps extending.

Another U.S. private equity firm, Fortress Investment Group LLC, is also competing for Unizo, having raised its bid in November, and is running its public tender offer at ¥4,100 per share, Reuters noted.

As of Dec. 6, US$1 was equivalent to ¥108.71.