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Unizo Holdings Co.’s latest takeover offer is seen raising the bar for Blackstone Group Inc., which has been the most persistent bidder in the war for the Japanese real estate operator.

Unizo backed a takeover offer made by its employees in partnership with Lone Star Group worth ¥174.4 billion ($1.6 billion), saying in a statement Sunday that the offer price of ¥5,100 per common share is above proposals made by other bidders. The stock rose as much as 6.1 percent to ¥5,200 in Tokyo on Monday.

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