TaylorMade-Adidas acquires Adams Golf for $70 million
- By Ryan Ballengee
- Jun 1, 2012 10:19 AM ET
TaylorMade-Adidas Golf parent Adidas Group has completed the acquisition of Adams Golf, the company announced Friday.
The transaction totaled approximately $70 million, representing a price of $10.80 per share of Adams Golf stock.
The deal was first announced March 19, two-and-a-half months after Adams Golf announced it was exploring ways to enhance shareholder value. The sale price reflects a 71-percent premium on the stock price from Jan. 4, the day Adams made the announcement.
Then-CEO Chip Brewer has since left the company and been hired in the same capacity by Callaway Golf.
The Adams Golf business within TaylorMade-Adidas will be headed up by new president John Ward. Before his appointment to this role, Ward had been vice president of U.S. sales for the TaylorMade brand. He has been with the company for 20 years.
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Tags: Equipment
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Ballengee is a GolfChannel.com contributor who writes for GTC and Fantasy Insider.
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