The Blackstone Group Inc. (NYSE:BX) made a proposal to acquire UNIZO Holdings Company, Limited (TSE:3258) from a group of shareholders for ¥170 billion on September 17, 2019. The offer per share is ¥5000. As of January 28, 2020, The Blackstone Group Inc. increase offer price to ¥5600 per share.

As of February 24, 2020, The Blackstone Group Inc. increase offer price to ¥6000 per share. The buyer will launch a tender offer after receiving consent from Board of Unizo. The acquisition proposer's funds are not subject to third party debt financing and are fully discretionary without requiring third party approval.

After the acquisition is complete, the buyer will have the right to nominate all Directors. The Board of Directors of UNIZO Holdings rejected the offer as it is in line with the basic policy regarding takeover offers. The acquisition proposer highly evaluates UNIZO's employees, plans to maintain the conditions of employment after the creation of wholly owned subsidiary, and plans to provide the employees the opportunity to enjoy benefits from positive performance of UNIZO in the future.

After evaluation, UNIZO opines that the offer increase the corporate value, but did not include the “mechanism” which ensures the employment of the UNIZO's employees. On October 28, 2019 Blackstone extended the deadline for the offer to November 6, 2019. As per the amendment agreement dated December 18, 2019, Blackstone extended the deadline for the offer period to January 8, 2020 and commencement date of settlement has changed to January 16, 2020 from January 9, 2020.

As on December 22, 2019, Employees of UNIZO Holdings Company, Limited and Lone Star Real Estate Fund VI, L.P. managed by Lone Star Global Acquisitions, Ltd. entered into a tender offer agreement to acquire UNIZO Holdings Company, Limited (TSE:3258) for approximately ¥170 billion. As of April 2, 2020, Nitto Boseki Co., announced that it will subscribe to divest its 1.30.1 million shares and after offer no shares will be held by Nitto Boseki Co. Yabuki Law Offices acted as legal advisor to special committee of UNIZO.

TMI Associates, Nishimura & Asahi and Davis Polk & Wardwell LLP acted as legal advisor to UNIZO.