TOKYO Jan 18 PGM Holdings KK, Japan's
second-largest golf course operator, said it plans to ask
regulators to investigate its failed hostile takeover bid in
bigger rival Accordia Golf Co.
PGM launched a 42.4 billion yen ($474 million) open offer in
November to win up to 51 percent of Accordia Golf, but the bid
failed on Friday after PGM received offers on 174,580 shares, or
16.69 percent of Accordia -- less than the 20 percent minimum
needed to proceed with the bid.
PGM said in a statement that there is a possibility that
share prices were manipulated following the launch of its bid
for Accordia, and that it will ask the Securities and Exchange
Surveillance Commission to investigate.
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
($1 = 89.4100 Japanese yen)
(Reporting by Ritsuko Shimizu, writing by Mayumi Negishi;
Editing by Richard Pullin)