TOKYO: Private equity firm Blackstone Group said on Tuesday it would launch a tender offer for Unizo Holdings at 5,000 yen a share, doubling down on its US$1.6 billion offer after the proposal was rebuffed by the Japanese hotel chain.
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.Blackstone said it would consider"any possible options" including initiating the bid if Unizo would not agree with its proposals by Oct. 23.
Unizo, which operates limited service hotels in Japan, has proved attractive to bidders because of perceptions that it is undervalued. UBS analysts have previously calculated Unizo's net asset value - a measure of an entity's net value - at more than 7,800 yen a share after taxes.
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