[THE INVESTOR] MBK Partners has decided to take over Accordia Golf, Japan’s largest golf club chain operator, for 890 billion won (US$762.97 million), according to news reports on Nov. 30.
On Nov. 29, South Korea’s largest private equity fund manager publicly suggested acquiring the Japanese group at 1,210 yen (US$10.77) per share, 17 percent higher than the closing price from the previous day. The board of directors has approved the tender offer.
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MBK Partners chairman Michael Byung-ju Kim |
Accordia Golf was established in 2003 by Goldman Sachs and operates 135 clubs in Japan.
MBK Partners was in talks with the group’s major stakeholders for the acquisition in July when the stock price surge halted the negotiations.
When the takeover bid planned until mid-January is completed, it will be the largest acquisition of a Japanese company by a South Korean private fund management firm, with an estimated enterprise value of 1.5 trillion won, including 600 billion won debt.
By Hwang You-mee (
glamazon@heraldcorp.com)