Fortress Investment Group LLC entered into a letter of intent to acquire UNIZO Holdings Company, Limited (TSE:3258) from Nippon Steel Kowa Real Estate Co., Ltd. and other shareholders for approximately ¥140 billion on July 30, 2019. Pursuant to the letter, Fortress has commenced a tender offer for the shares of UNIZO. Fortress offered price of ¥4000 for each share of UNIZO Holdings. As of November 15, 2019, the offer price was increased to ¥4100 for each share of UNIZO Holdings. As of January 29, 2020, the offer price was increased to ¥5200 for each share of UNIZO Holdings. Fortress will raise financing of ¥37.5 billion of equity capital and ¥100 billion of bridge loan for the deal. An unknown investment fund made a proposal to acquire UNIZO Holdings Company, Limited for ¥170 billion on September 17, 2019. As of October 17, 2019, Elliott Management, Unizo shareholder, pushed UNIZO Holdings Company to consider Blackstone Group's proposed $1.6 billion tender offer.

Fortress set the minimum number of shares to be purchased pursuant to the tender offer as 22.8 million shares, if it does not reach Fortress will not purchase any tender shares. UNIZO Holdings Company resolved at the Board of Directors meeting on October 21, 2019 to withhold its opinion regarding the offer. The offer is recommended to the shareholders by UNIZO Holdings Company. UNIZO has formed a special committee for the transaction. As on February 9, 2020, UNIZO Holdings Company, Limited's Board of Directors has resolved to again express its position of being opposed to the tender offer by Fortress Investment Group LLC. UNIZO Holdings Company, Limited asks all shareholders not to apply for this tender offer. The offer period will be from August 19, 2019 to October 1, 2019. As of September 20, 2019, offer period will be from August 19, 2019 to October 7, 2019. As on October 2, 2019, the offer period has been extended to October 17, 2019. As of October 17, 2019, Fortress made a third Change of Tender Offer Conditions and the offer period has been extended to November 1, 2019. As of October 25, 2019, the offer period has been extended to November 11, 2019. As of November 11, 2019, the offer period has been extended to November 15, 2019. As of November 15, 2019, the offer period has been extended to November 29, 2019. On November 29, 2019, the offer is further extended to December 13, 2019. As of December 13, 2019, the offer period has been extended to December 27, 2019. As of December 18, 2019, the offer period has been extended to January 8, 2020. As of December 27, 2019, the offer period has been extended to January 20, 2020. Also, the commencement date of settlement is also revised to January 16, 2020. As of January 20, 2020, offer period has been extended to February 4, 2020. As of January 29, 2020, offer period has been extended to February 13, 2020. As of February 13, 2020, the offer period has been extended to February 28, 2020. As of February 27, 2020, the offer period has been extended to March 18, 2020.

Davis Polk & Wardwell LLP, TMI Associates and Nishimura & Asahi acted as legal advisors, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Daiwa Securities acted as financial advisors whereas Ernst & Young Tax Co. acted as tax advisor to UNIZO. Daiwa Securities Co. Ltd. and SMBC Nikko Securities Inc. acted as tender offer agents for Fortress Investment. KPMG FAS Co., Ltd, ZECOO Partners Inc. and Benedi Consulting Co., Ltd. acted as third-party valuation advisors.

Fortress Investment Group LLC cancelled the acquisition of UNIZO Holdings Company, Limited (TSE:3258) from Nippon Steel Kowa Real Estate Co., Ltd. and other shareholders on March 18, 2020. A total of 520,973 shares were tendered in the Fortress Tender Offer, which failed to reach the lower limit of number of shares to be tendered (22,813,500 shares) for the Fortress Tender Offer.