U.S. buyout firm Blackstone Group said on Monday it had extended the deadline for its offer to buy hotel operator Unizo Holdings to Nov. 6 from Monday.
Blackstone said the extension was “to provide additional time” for Unizo to respond to the offer.
The firm had told Unizo it would launch a tender offer or explore other options if the Japanese hotel chain did not agree to its conditions by Monday.
Unizo was little known until it became a target for a hostile bid by travel agent H.I.S. Co in July, but has since attracted attention from top global funds vying for the opportunity to buy into Japan’s properties on the cheap.
The takeover saga surrounding the hotel operator is also seen as a test case for Prime Minister Shinzo Abe’s push for greater returns for shareholders and corporate disclosure.
Source: Reuters