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BEN HOGAN CO. MAY BE SUBJECT OF A THREE-WAY BIDDING WAR
Published September 23, 1997
Spalding Sports Worldwide, backed by its parent, Kohlberg Kravis Roberts & Co., "is interested in buying all of" Ben Hogan Co., including its golf-ball manufacturing plant in OH, according to Lynn Henning of GOLFWEEK. But Henning writes that a "bidding war has emerged," as CA-based Taylor Made Golf Co., "which plans to enter the golf-ball market soon, is interested in buying only the [OH] operations as a manufacturing facility for its new line of golf balls;" and FL-based Edwin Watts Golf Shops, the off- course retail chain, "wants only the club-manufacturing end of Hogan as a means for adding a premier name to its in- house golf club sales." Hogan Co. is owned by VA-based businessman Bill Goodwin, who bought the company five years ago for $61M, but a "stark indicator of how far Hogan has fallen is its likely" '97 selling price, "which may not significantly surpass" $20M (GOLFWEEK, 9/20 issue).