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Adidas Subsidiary To Acquire US-Based Adams Golf

03/19/2012 | 04:46am US/Eastern

TaylorMade-adidas Golf, a subsidiary of the German sportswear and equipment maker adidas AG (>> adidas AG), said Monday it has entered into an agreement to acquire all outstanding shares of golf clubs manufacturer Adams Golf (ADGF) for $10.80 per share in cash.

MAIN FACTS:

-The total value of the transaction amounts to $70 million or EUR53 million, representing a premium of around 71% to the share price prior to Jan. 4, 2012, when Adams Golf's said it was considering alternative strategies.

-The adidas group plans to finance the takeover with cash on hand or via existing credit lines.

-The transaction is subject to customary closing conditions, regulatory approvals as well as approval by Adams Golf shareholders.

 
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500 
 

Stocks mentioned in the article : adidas AG
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