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Elliott Questions Japan Firm Unizo’s Actions in Bidding War

  • Activist investor releases letter it sent to Unizo’s board
  • Elliott has become Unizo’s largest holder amid takeover fight
Tokyo Skyline
Photographer: Kiyoshi Ota/Bloomberg
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Elliott Management Corp., the largest shareholder in Unizo Holdings Co., is questioning the actions of the Japanese real-estate group’s management in handling a bidding war that began in July.

The activist investor, which has built a 13% stake in Unizo, demanded answers in a letter to the company’s board that it released to media Wednesday. The letter queries the decisions that Unizo has made in responding to competing offers for the firm. A spokeswoman for Unizo said the company hasn’t decided on how to respond.