Deals
Japan Golf Tussle Ends as PGM Fails in Bid to Buy Accordia
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PGM Holdings K.K., the Japanese golf course operator led by Arihiro Kanda, said its 42 billion yen ($468 million) bid to take over Accordia Golf Co. failed as it couldn’t obtain the minimum shares required.
PGM received offers from stakeholders for 174,580 shares, falling short of the target of 209,224 shares, or 20 percent, the Tokyo-based company said in a statement today. Shares of Accordia have gained more than 50 percent since PGM announced the hostile bid on Nov. 15.