Loan Star To Exit Stake In Golf-course Operator

PGM Holdings K.K., a listed major golf course operator, announced that PGM approved a tender offer by Heiwa Corp., a listed manufacturer of amusement machines. The TOB price is set at 52,000 yen, a 30.31% premium over a 3 month average. Its largest shareholder, Lone Star Fund, ageed to sell its entire stake(61%) in PGM. The US investment fund took it public in 2005.