TOKYO, Jan 18 (Reuters) - PGM Holdings KK, Japan’s second-largest golf course operator, said on Friday its hostile bid for bigger rival Accordia Golf Co had failed.
PGM launched a 42.4 billion yen ($474.22 million) open offer in November to win up to 51 percent of Accordia Golf to boost its profits in the shrinking industry.
PGM said it received offers from shareholders to sell 174,580 shares, or 16.9 per percent of Accordia’s voting rights, less than the 20 percent minimum needed to proceed with the bid.
PGM, which was originally set up by U.S. investment fund Lone Star, had offered 81,000 yen each for up to 524,105 shares of Accordia.
$1 = 89.4100 Japanese yen Reporting by Mayumi Negishi; Editing by Paul Tait