In early December it was reported that conglomerate Fortune Brands (FO) was looking to split itself into 3 parts and unlock greater shareholder value. Word is now out that a couple of Wall Street titans, Bain and Blackstone are circling around the different businesses and a deal is on way. Sumitomo Rubber is also mentioned as an interested party for the Acushnet /Titleist/Scotty Cameron/Bob Vokey divisions of the business.
In addition, FO has hired Morgan Stanley to auction the golf business with a price tag of $1.5B, which seems excessive to me based on the annual sales of $1.0B. All will become clear shortly and with the huge amounts of cash that have been sitting on the sidelines for a couple years, someone is about to place a very large bet on the game of golf.
Major(s) News & Notes, April 25th, 2024
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*Grand Slam watches begin. Plus, Masters ratings and vault, Kiawah gets
another PGA, U.S. Open entries and Local Qualifying underway, This, That,
Quotab...
21 hours ago
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