Callaway Investor Jana Partners Wants Company To Sell Itself
Activist investor Barry Rosenstein’s Jana Partners unveiled a 9.2% stake in Callaway Golf and is now "urging the company to consider putting itself up for sale," according to a regulatory filing cited by Carleton English of the N.Y. POST. Jana "argues that Callaway’s shares are 'undervalued' and that the company -- which sponsors Phil Mickelson -- should consider selling some, if not all, of itself." Callaway paid $476M for German outdoor brand Jack Wolfskin in January but said that in May, it "expects the brand’s revenues [to] dip below previous estimates." Callaway acknowledged Jana’s investment Thursday and said that its "goal is to explore ways to create shareholder value." Callaway is Jana’s "first new activist position" of '19 (N.Y. POST, 6/14).