March 19 (Bloomberg) -- Goldman Sachs Group Inc. will today make a takeover offer for the rest of USJ Co., operator of the Universal Studios Japan theme park, three people familiar with the matter said.

Ankur Sahu, head of principal investments at Goldman in Japan, will detail terms of the bid at a media briefing at the theme park in Osaka at around 5 p.m., the people said, declining to be identified before the announcement. Buying the 59 percent of USJ it doesn’t already own would cost New York-based Goldman 52 billion yen ($540 million) at yesterday’s closing price on the Tokyo Stock Exchange.

Goldman, the world’s biggest and most profitable securities firm until it converted to a bank holding company, invested 20 billion yen in Universal Studios Japan in 2005. It is targeting full control as a weakening economy drives down visitor arrivals at the park, which features rides based on movies such as Jurassic Park, Jaws and Back to the Future.

“Goldman needs to keep introducing new attractions to bring in customers while there is a recession,” said Hirotoshi Murakami, a senior analyst at Mitsubishi UFJ Securities Co. in Tokyo “The key to success of the bid depends on whether Osaka City, a major shareholder, accepts the bid.”

Seiji Morishige, an official in the business planning department at the Osaka City government, said USJ is capable of managing the park on its own. He said Osaka City would examine any bid from Goldman.

Major Investors

Osaka City’s 9.2 percent stake makes it the fourth-biggest shareholder, behind Goldman, UBS AG with 11.7 percent and the state-owned Development Bank of Japan with 10.3 percent, according to Bloomberg data.

USJ shares, which did not trade this morning because bids overwhelmed sell orders, were poised to rise 9.8 percent. The stock has lost 42 percent in the past year, underperforming the 36 percent decline in the Topix.

Johta Takahashi, a spokesman for USJ in Osaka, declined to comment on the deal, as did Hiroko Matsumoto at Goldman in Tokyo.

The park’s attendance is forecast to drop to about 8.6 million in the current financial year ending March 31 from 9.9 million five years earlier, Takahashi said.

Hello Kitty, Spiderman

Universal Studios Japan opened in 2001, drawing 30,000 customers on its first day to Hollywood-inspired attractions including a Jurassic Park-themed water ride and an ET bicycle adventure.

When Goldman first invested in USJ, the attraction was losing money and visitors after health authorities cited the theme park for food that had passed its expiration date and tainted drinking water.

The company posted a loss of 5.2 billion yen for the 12 months ended March 31, 2005, and a deficit of 4.6 billion yen the following year before returning to profit in 2007 after the introduction of new characters including Sanrio Co.’s cartoon cat Hello Kitty and Spiderman. The company reported net income of 6.8 billion in the 12 months ended March 31, 2008.

The shrinking economy may allow Goldman to acquire full control at a reasonable price, Daisuke Seki, chief executive officer of Tokyo-based IB Research and Consulting Inc., said in January after a person familiar with the matter revealed Goldman would make a bid.

To contact the reporters on this story: Takahiko Hyuga in Tokyo at thyuga@bloomberg.net; Shingo Kawamoto in Tokyo at skawamoto2@bloomberg.net

Last Updated: March 18, 2009 23:51 EDT