Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Elliott pushes Japan's Unizo to accept $1.6 billion Blackstone bid

share with twitter share with LinkedIn share with facebook
10/17/2019 | 03:49pm EDT
FILE PHOTO:  The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange

TOKYO (Reuters) - Unizo Holdings' top shareholder Elliott Management pushed the Japan hotel operator to accept a $1.6 billion tender offer from Blackstone Group, warning it would take "all available measures" if it fails to do its "fiduciary duty".

Activist investor Elliott's warning comes after Unizo had previously rebuffed an offer from Blackstone. The buyout group this week ratcheted up its pursuit of the company by launching the buyout offer, to which Unizo is still deciding its response.

"We strongly urge you to consider in good faith, and not unduly obstruct, the Blackstone proposal," Elliott, which owns 13.14% in Unizo, said in a statement.

It said Blackstone's offer of 5,000 yen is beneficial for shareholders and the employment conditions Blackstone has offered is "very generous to your employees".

A Unizo spokeswoman said the company is unable to comment on Elliott's statement.

Unizo was little known until travel services provider H.I.S. Co Ltd launched a hostile bid for it in July. Unizo ultimately rejected the bid but attracted the attention of other suitors who see the company as vastly undervalued.

But Unizo has played hard to get: Last week it rejected a proposal from Blackstone as well as one from an unidentified "locally renowned" fund.

This month Elliott ended weeks of silence and started to address its concerns about Unizo's disclosure to its board. That included seeking explanation on its sudden withdrawal of support for a bid from SoftBank Group-owned Fortress Investment Group.

Unizo originally welcomed the "white knight" bid from Fortress but later back-tracked.

In a separate statement, Fortress said it would extend its tender offer period until Nov. 1 from Thursday. It did not sweeten its bid of 4,000 yen a share.

Unizo shares closed at 4,940 yen on Thursday.

(Reporting by Junko Fujita; Writing by David Dolan; Editing by Muralikumar Anantharaman)

By Junko Fujita

Stocks mentioned in the article
ChangeLast1st jan.
AT HOME GROUP INC. -1.41% 14.65 Delayed Quote.166.36%
JUST GROUP PLC -1.13% 44.0968 Delayed Quote.-43.54%
LETS HOLDINGS GROUP CO., LTD. -0.56% 10.66 End-of-day quote.76.49%
LOOK HOLDINGS INCORPORATED 1.99% 872 End-of-day quote.-30.35%
SOFTBANK GROUP CORP. -1.09% 6545 End-of-day quote.37.62%
WILL GROUP, INC. 2.75% 935 End-of-day quote.-25.32%
share with twitter share with LinkedIn share with facebook
Latest news "Economy & Forex"
06:25aDEUTSCHE BUNDESBANK : Reopening of Federal Treasury notes - Auction result
06:05aMidland Co. Launches Modern Production Facility in Story City Bringing Fresh Local Shrimp to the Midwest
05:34aGerman Retail Sales Expected to Increase in 2020 Despite Coronavirus
05:16aNEWS HIGHLIGHTS : Top Global Markets News of the Day
05:16aNEWS HIGHLIGHTS : Top Company News of the Day
05:05aGreek Merchant Fleet (Provisional Data), July 2020
05:05aEL STAT HELLENIC STATISTICAL AUTHORITY : Evolution of Turnover of Enterprises in Accommodation and Food Service Activities Section, July 2020
05:00aDollar bounces back as Europe sets for a second wave
05:00aOECD ORGANISATION FOR ECONOMIC OPERATION AND : to launch new PISA report on school policies and practices on Tuesday 29 September 2020
04:56aGerman Economy Seen Shrinking Less in 2020 Than Previously Expected -- Ifo Institute
Latest news "Economy & Forex"