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MarketScreener Homepage  >  Equities  >  Tokyo  >  H.I.S. CO., LTD.    9603   JP3160740001

H.I.S. CO., LTD.

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Japanese investor Ichigo latest to disclose stake in Unizo

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08/20/2019 | 05:42am EDT

TOKYO (Reuters) - Japan's Ichigo Asset Management disclosed a 5.56% stake in hotel chain Unizo Holdings Co Ltd on Tuesday, days after a SoftBank Group firm swooped in with a $1.3 billion 'white knight' bid that investors see going higher.

Unizo said last week that it had received the friendly buyout offer from Fortress Investment Group, a move that would help it fight off a hostile bid from travel agency H.I.S. Co..

The Fortress offer represents an unusual counter-offensive in Japan and investors appear to be betting that it needs to sweeten its offer of 4,000 yen a share. Shares of Unizo closed more than 5% higher at 4,300 yen on Tuesday.

That's well above the H.I.S. offer of 3,100 yen per share. However, UBS has calculated Unizo's net asset value - a measure of an entity's net value - at more than 7,800 yen a share after taxes.

Ichigo said in a regulatory filing on Tuesday it acquired the stake to protect minority shareholders and that it might make significant proposals to Unizo.

U.S. hedge fund Elliott holds a 9.9% stake in Unizo, according to regulatory filings made by Elliott.

Elliot is known for buying stakes in companies in the midst of acquisitions and forcing better terms for minority shareholders.

The tug-of-war over Unizo marks a stark departure from most acquisitions in Japan, where takeovers tend to be pre-agreed deals waiting to be rubber-stamped. Unwelcome bids, like that of H.I.S., are particularly rare.

Unizo had said the H.I.S. bid lacked synergy and undervalued it.

(Reporting by Junko Fujita; additional reporting by David Dolan; Editing by Subhranshu Sahu)

Stocks mentioned in the article
ChangeLast1st jan.
H.I.S. CO., LTD. 0.47% 2752 End-of-day quote.-28.52%
ICHIGO INC 0.00% 441 End-of-day quote.42.72%
SOFTBANK GROUP CORP -3.04% 4690 End-of-day quote.-33.05%
UBS GROUP 0.35% 11.34 Delayed Quote.-7.64%
UNIZO HOLDINGS CO LTD -2.58% 4160 End-of-day quote.108.73%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.07% 108.177 Delayed Quote.-1.35%
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Latest news on H.I.S. CO., LTD.
08/24Japan's H.I.S. says pulls bid for control of Unizo
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08/20Japanese investor Ichigo latest to disclose stake in Unizo
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08/16SoftBank's Fortress emerges as white knight for hotel chain Unizo with $1.3 b..
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08/16SoftBank's Fortress emerges as white knight for hotel chain Unizo with $1.3 b..
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08/06Japan's Unizo to reject H.I.S. offer, raises spectre of hostile bid
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07/10Japan's H.I.S. looks to raise Unizo stake to 45% for $390 million
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Financials (JPY)
Sales 2019 794 B
EBIT 2019 18 665 M
Net income 2019 10 853 M
Debt 2019 90 700 M
Yield 2019 1,08%
P/E ratio 2019 15,7x
P/E ratio 2020 12,2x
EV / Sales2019 0,31x
EV / Sales2020 0,29x
Capitalization 159 B
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Number of Analysts 10
Average target price 3 957,14  JPY
Last Close Price 2 778,00  JPY
Spread / Highest target 83,6%
Spread / Average Target 42,4%
Spread / Lowest Target 0,79%
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NameTitle
Hideo Sawada Chairman, Chief Executive Officer & President
Shigeru Nakatani CFO, Director, Head-Compliance & Legal Affairs
Kenichi Shirai Information Technology Officer
Masahiko Hirata Independent Outside Director
Tatsuya Nakamori Director & Senior Managing Executive Officer
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