August 22, 2019 / 11:37 PM / 25 days ago

CORRECTED-H.I.S. to withdraw from battle for Unizo - Nikkei Business

(Corrects Reuters Instrument Code for SoftBank in paragraph 3)

TOKYO, Aug 23 (Reuters) - Japanese travel services provider H.I.S. Co plans to withdraw from the battle for control over Unizo Holdings after the hotel operator received a higher offer from an investment group, Nikkei Business reported on Friday.

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

But Unizo rejected H.I.S.’s offer, instead supporting a rival offer from SoftBank-owned Fortress Investment Group to buy all of the shares in the company for 4,000 yen each. H.I.S. was not immediately available for comment. (Reporting by Chris Gallagher; editing by Jane Wardell)

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