Asics Named Official Partner Of IAAF NHLPA Rejects Offer To Let Players Go To Olympics Selig Among Those Being Voted On For HOF CFP Unveils Four Playoff Teams Texas Approves Deal Worth $25M For Herman LeBron James Wears Cubs Gear To Bulls Game NFL Launches Scouting Combine Fan Fest Johnson, Stewart, Earnhardt Feted At Banquet ACC Title Game Attendance Down Sharply Lundquist Gets Sendoff In Final SEC Broadcast
SBD/March 19, 2012/FinancePrint All
TaylorMade-adidas Golf today announced plans to acquire all of the outstanding shares of Adams Golf in a deal valued at about $70M. That represents a premium of approximately 71% to the share price prior to Adams' announcement in January that it was examining strategic alternatives. The Adams Golf BOD has unanimously approved the transaction, and the deal is expected to close in mid-2012. TaylorMade-adidas has opted to keep Adams' HQs in Plano, Texas (TaylorMade-adidas Golf). Golf Channel’s Erik Kuselias said of TaylorMade purchasing Adams Golf, “adidas group gets a little bigger.” Golf Channel’s Gary Williams, on TaylorMade's purchase, “It is very good for the consumer. Adams Golf, their niche and their strength is the market segment for hybrids and if you add that category to TaylorMade which makes great irons … you are adding to a portfolio that is now incredibly well-rounded” ("Morning Drive," Golf Channel, 3/19).