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Business deals

Blackstone extends bid for Japan's Unizo in hot property market

Hotel chain balks at deal, but will ‘continue talks’ with the US investment firm

Low interest rates and the upcoming Tokyo Olympics have driven up property prices in Japan.   © Reuters

TOKYO -- U.S. investment firm Blackstone Group has again given Japanese hotel chain Unizo Holdings more time to respond to its takeover proposal as conflict over the terms prolongs a tug of war over the company and its valuable property holdings.

Blackstone said Monday that it has given Unizo until Nov. 6 to respond to its tender offer to acquire up to all of the company's outstanding common stock for 5,000 yen ($46) per share. The fund has stated that it will "assess all of its available options" if Unizo does not agree and indicated that a hostile takeover bid is on the table. Monday's announcement said this would be an option should Blackstone determine before the deadline that talks "would not be likely to result in such consent."

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