Employees of UNIZO Holdings Company, Limited and Lone Star Real Estate Fund VI, L.P. managed by Lone Star Global Acquisitions, Ltd. entered into a tender offer agreement to acquire UNIZO Holdings Company, Limited (TSE:3258) from Elliott Management Corporation and Ichigo Asset Management, Ltd. and others for approximately ¥170 billion on December 22, 2019. The agreement mentions that, Elliot and Ichigo collectively control 22.46% of UNIZO and they have agreed to tender their shares in UNIZO to Lone Star. The offer per share is ¥5,100. As on February 9, 2020, the offer price per share increased to ¥5,700. As of March 18, 2020, the offer price per share increased to ¥6,000. Post transaction, the employees will own 73% and Lone Star Global Acquisitions will own 27% of total outstanding shares of UNIZO Holdings Company. The offeror sets the minimum number of shares to be acquired under tender offer at 22.8 million shares representing approximately 66.67% and will not acquire any of the tendered shares if the total number of tendered shares is less. If the tender offer successfully completes, the offeror contemplates to raise the total necessary funds of ¥174.8 billion by contribution of up to ¥45 billion through subscription of the preferred shares of UNIZO by Lone Star Real Estate Fund VI, L.P. and loan of up to ¥130 billion from KF Solutions Co., Ltd., an investment company of Lone Star Real Estate Fund in Japan, and apply these funds for settlement of the tender offer. In case UNIZO withdraws the approval statement and announced an opposition opinion, UNIZO shall pay buyer group 1% of ¥174.52 billion and if the transaction regarding the competing offer is executed after UNIZO withdraws the approval statement, UNIZO shall pay buyer group ¥150 million. Board of Directors of UNIZO resolved unanimously to approve the tender offer, and recommend that all shareholders tender their shares. UNIZO Board consulted with the special committee, which consists entirely of five outside members of the Board of Directors independent from parties involved. The tender offer shall commence on December 24, 2019 and end on February 4, 2020. As of January 30, 2020, offer period has been extended to February 14, 2020. As of February 9, 2020, offer period has been extended to February 28, 2020. As per the update on February 25, 2020, the transaction is expected to be completed on March 18, 2020 and commencement date of settlement is March 27, 2020. As on March 11, 2020, tender offer period end date has extended from March 18, 2020 to March 26, 2020. As of March 18, 2020, offer period has been extended to April 2, 2020. Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. and Daiwa Securities Co. Ltd. acted as financial advisors and TMI Associates and Nishimura & Asahi acted as legal advisors for UNIZO Holdings. Kimitoshi Yabuki of Yabuki Law Offices acted as an independent legal advisor for the special committee.