New York, March 20, 2024 - PRISM MarketView - Golf lifestyle, equipment and apparel company TopGolf Callaway (MODG) is taking a play from recent PLAYERS Champ Scottie Scheffler and winning on the day as its moving into the green trading up ~12% and leading the PRISM Consumer Products Index.
The move is likely due to a sale rumor released in a recent report by the South Korean news outlet Chosun Daily. It was cited that the company may be considering a sale of its equipment-making arm which would be valued around $3Bn. Its expected the major shareholders would spin off Topgolf and only sell Callaway. According to the report, Callaway shareholders have selected a lead manager to sell their stakes and rights. The industry has struggled more post-pandemic as the return to normalcy has continued. Topgolf Callaway has not responded for comment on the report.
Topgolf Callaway Soars on Report It’s Exploring Sale, Spinoff
(Bloomberg) -- Topgolf Callaway Brands Corp. jumped the most since May 2022 following a report that the company is exploring a sale of its equipment-making arm.Most Read from BloombergTrump Rules Out Vivek Ramaswamy as Running Mate as He Eyes New TeamWhat Happens If Trump Can’t Post His $454 Million BondFed to Give Fresh Clues on Path of Interest-Rate CutsUltra-Wealthy Are Souring on Chicago’s Most Elite NeighborhoodSam Bankman-Fried Says 50-Year Sentence Only Suitable for a ‘Super Villain’Share
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