Jan 18 PGM Holdings KK, Japan's
second-largest golf course operator, failed in its hostile bid
to buy a majority stake in bigger rival Accordia Golf Co
, the Nikkei reported citing sources.
PGM launched a 42.4 billion yen ($514 million) open offer in
November to win up to 51 percent control of Accordia Golf to
boost its profits in the shrinking industry.
Last month, Accordia said it would raise its annual dividend
payment to 5,500 yen per share from 1,600 yen and would use
extra cash to increase shareholder value rather than
acquisitions of golf courses.
PGM, which was originally set up by a U.S. investment fund
Lone Star, had offered 81,000 yen each for 524,105 shares of
(Reporting by Supantha Mukherjee in Bangalore; Editing by