It was just three months ago that MBK Partners called off plans to acquire Accordia Golf (TKO: 2131), an operator of more than 100 golf courses in Japan, in a deal that reportedly valued the company at up to $1.6 billion. News of the pending deal had led to a hike in Accordia’s stock price, making a takeover untenable.
On Tuesday, the Seoul-based private equity investor revealed new plans to acquire Accordia for about $760 million, according to Reuters, with MBK Partners set to pay JPY1,210 (about $10.80) per share in cash to take the company private. That price represents a 17% premium to Accordia’s closing stock price Tuesday. The company’s stock rose as high as JPY1,220 in July, in the wake of initial reports of a deal. Goldman Sachs took Accordia public in 2006.