Topgolf Callaway has denied reports suggesting the company is for sale.
The Chosun Daily in South Korea reported that Callaway Golf, named Topgolf Callaway Brands Corp. in full, was up for sale and a South Korean strategic investor was in the running to buy the company.
The report valued Callaway at $2.98 billion and said that the company’s major shareholders had selected a lead manager and were in the process of selling stakes and management rights.
Callaway addressed the report from Wednesday with an official statement:
“While it is our long-standing practice not to respond to market rumours and speculation, in light of today’s unusual market activity, coupled with a recent media report originating in Korea regarding discussions of a potential sale of the Company or its golf equipment business, we confirm that we are not aware of any such discussions.
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“We do not intend to comment further on this topic, and we assume no obligation to make any further announcement or disclosure should circumstances change.”
The Chosun Daily also suggested that the major shareholders would “spin off Topgolf” and only sell Callaway Golf.
In March 2021, Callaway and Topgolf completed a merger which looked to create “an unrivalled tech-enabled golf company delivering leading golf equipment, apparel and entertainment.”
Topgolf is a golf entertainment business that provides open-air venues and Toptracer technology to give customers a unique experience within the setting of a driving range.
Since the company’s inception in 1982, Callaway has gradually become one of the most popular and successful equipment brands in the game alongside TaylorMade and Titleist.
Callaway has a strong stable of representatives across the sport such as Xander Schauffele, Sam Burns, Nicolai Hojgaard, Minjee Lee and Rose Zhang.
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The post Callaway issues statement responding to report that company is for sale appeared first on National Club Golfer.
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