Wasserman L.A. Committee OKs Mayor Signing Bid Contract Danica Patrick Renews Healthcare Partnership DraftKings Breaking Ad Campaign ESPN Adding New College Sports Service Mariners Fire GM Jack Zduriencik 49ers Take Another Image Hit With Brooks Charge Yahoo's Forde Balances CFB, Daughter's Swim Meet Russell Wilson Clarifies Water Comments Dolphins Unveil Sun Life Stadium Renovations
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).