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.
-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