Adidas Subsidiary To Acquire US-Based Adams Golf
19 März 2012 - 11:00AM
Dow Jones News
TaylorMade-adidas Golf, a subsidiary of the German sportswear
and equipment maker adidas AG (ADS.XE), 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
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