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Business deals

Unizo opts for employee buyout amid takeover battle

US fund Lone Star throws weight behind acquisition of Japanese hotelier

The logo of Hotel Unizo, under Japanese hotel operator Unizo Holdings, at the entrance of a Tokyo location.   © Reuters

TOKYO -- Unizo Holdings plans to delist via an employee buyout backed by U.S. fund Lone Star Global Acquisitions, the Japanese hotel chain said Sunday, possibly ending a monthslong takeover feud.

An entity formed by Unizo employees and Lone Star will carry out a tender offer starting Tuesday, aiming to acquire all Unizo shares except treasury stock. It will pay 5,100 yen per share -- a 4% premium over Friday's closing price.

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