Blackstone turns up heat on hotelier Unizo with tender offer

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Blackstone turns up heat on hotelier Unizo with tender offer
France Dernières Nouvelles,France Actualités
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Private equity firm Blackstone Group said on Tuesday it would launch a tender of...

Unizo had frustrated some investors by welcoming Fortress’s bid and then back-tracking.

Blackstone said in a statement it would offer 5,000 yen a share for Unizo, valuing the hotel chain at around 171.1 billion yen . That represents a slight premium to Unizo’s closing price of 4,700 yen and a sharp premium to Fortress’s proposal of 4,000 yen. A Unizo spokeswoman said the company had received the offer from Blackstone but it had not decided yet how to respond.

Unizo has spurned potential bidders and pulled its support for Fortress by citing their failure to deal with Unizo’s concerns about employment.

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France Dernières Nouvelles, France Actualités

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