January 18, 2013 / 3:44 AM / 5 years ago

Japan golf course operator PGM to take failed bid to watchdog

TOKYO, Jan 18 (Reuters) - 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 of Accordia.

$1 = 89.4100 Japanese yen Reporting by Ritsuko Shimizu, writing by Mayumi Negishi; Editing by Richard Pullin

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