Today Taylor-Made Adidas Golf announced that they will acquire the struggling Carlsbad-based golf apparel maker Ashworth for $72.8 million.
The two parties announced Oct. 13 reaching a definitive agreement that calls for TMAG to acquire all of the outstanding shares of Ashworth for $1.90 per share in cash, a 9.8 percent premium from its Oct. 10 close of $1.73. . . . “This acquisition underscores our commitment to continued growth in the golf category,” said Herbert Haier, chairman and CEO of Adidas AG, TMAG’s parent company.
The purchase price includes $46.3 million in Ashworth debt. The company lost $9.6 million in the third quarter. Sounds like a winner, huh?
[Link: Golfweek]
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