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Business deals

Japan's H.I.S. pulls bid for control of Unizo hotel chain

Travel agent receives no takers for tender offer as SoftBank enters fray

Unizo shares have more than doubled in price since H.I.S. made its surprise hostile bid in July.

TOKYO (Reuters) -- Japanese travel agent H.I.S. Co said on Saturday it is abandoning its bid for control of Unizo Holdings, buckling in the face of a 'white knight' offer from SoftBank's investment firm for the entirety of the hotel chain.

H.I.S., which already owns 4.79% in Unizo, last month launched the tender offer to buy about 40% of Unizo shares at 3,100 yen apiece.

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