I didn't see much views about the potential privatization of sponsor by MBK. Reading about the tender offer, offer a few insights that I think are important but not reported by the various news agency. 1) “Year 2020 problem” It means a problem that may cause a reduction in golf demand in circumstances where a majority of postwar baby-boomers who lead the current golf demand will be over 70 years old. My thoughts: It is a direct conflict with AGT's management claims that the seniors have more time to play golf and it is a opportunity. Also, 70 years old is arbitrary figure isn't it? 2017 could well be the problem if 67s are not healthy enough to play golf. 2) It is stated that "MBK Partners Group was interested in investing in the Company, had agreed to the Company’s management model including the Circulating Business Model". The Circulating Business Model ......