Golf Digest Online's controlling stake acquired; going private expected

Golf Digest Online (TSE:3319) announced that TGT Holdings Co., Ltd.'s tender offer for its shares was successful. TGT Holdings secured approximately 35.63% of the voting rights, making it a major shareholder and affiliate of Golf Digest Online. This has led to Stonegate, CEO of Golf Digest Online, no longer being the company's largest shareholder. As a result of the increased stake, Golf Digest Online expects to delist from the Tokyo Stock Exchange after procedures are complete, rendering the shares untradeable on the Prime market. The company also announced the removal of "Notes on the Premise of a Going Concern". This statement had previously been placed on the first quarter financial statements due to JPY 1,698 million in net losses attributable to the parent company and liabilities exceeding assets by JPY 3 million. With the MBO success, Golf Digest online plans to address it's liabilities and improve investor concerns.