Offer: Percent Stake and Shares

offer: Unizo had rejected H.I.S.'s offer, saying it was too low and lacked synergy, according to The Japan Times. Instead it backed the bid made by Fortress Investment Group, a Soft Bank Group-owned asset manager that offered to buy all the shares for 4,000 apiece. H.I.S., which already has a 4.79 percent stake in Unizo, last month launched an offer to buy about 40 percent of its shares at 3,100 apiece. ; H.I.S. said in a statement that no shares were tendered to its offer that ran until Friday. The tug-of-war over Unizo marked a stark departure from the way most acquisitions are handled in Japan, where takeovers tend to be pre-agreed deals waiting to be rubber-stamped. Indeed, Fortress could be pressured by minority shareholders to raise its price, market participants had said. H.I.S.'s surprise hostile bid has helped Unizo shares more than double since July 9 the day before the travel agent's offer was announced and provided a boost for minority shareholders. (news.financializer.com). As reported in the news.