Blackstone says that it is waiting for Japanese hotel operator Unizo’s formal written response on its latest proposed transaction terms. The private equity firm says that it will make an announcement if there are any material changes in circumstances no later than 13 December.
Blackstone has offered to buy Unizo for ¥5,000 a share, valuing the company at ¥171bn (US$1.6bn).
Blackstone in October emerged as a bidder for Unizo and told the hotel chain it would launch a tender offer or explore other options if Unizo did not agree to its offer by a deadline, which it has extended.
In July, Unizo was the target of a hostile bid by a Japanese travel agent H.I.S. Unizo turned to US private equity firm Fortress Investment to fend off the bid. But later withdrew support for Fortress’ white-knight offer. Fortress, which last month raised its bid for Unizo, is currently running its public tender offer at ¥4,100 a share.