CA-based Callaway Golf announced today that it has
reached an agreement with U.S. Industries to buy the assets
of its subsidiary, Odyssey Sports Inc., for $130M in cash.
Odyssey Sports makes Odyssey putters, which are the No. 1
putters used on the Senior PGA and LPGA Tours, No. 2 on the
Nike Tour and No. 3 on the PGA Tour. The purchase is
subject to governmental reviews (Callaway).
TARNISHED GOLD: Jack Nicklaus' Golden Bear Golf is down
29% from its IPO price of 16 when it went public last
August, according to Lisa Sanders of BUSINESS WEEK. The
company, which lost $0.60 a share in '96 and $0.29 in the
first quarter of '97, "mainly blames its slump on the 11
properties it bought in 1996, which have taken longer and
cost more to revamp than projected" (BUSINESS WEEK, 7/28).
HERE'S THE BEEF: As part of Jim Furyk's incentive-based
endorsement deal with Ruth's Chris Steak House, he receives
$20,000 for winning a major golf tournament and $10,000 for
a PGA Tour victory. A top 10 finish also provides a bonus
from Ruth's Chris (USA TODAY, 7/21).