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.
Nelly! Wins Second Major And Fifth Straight Tournament
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*The 25-year-old survives a Sunday restart and sluggish pace to prevail
over Maja Stark. Plus, an LPGA major means another NBC fail and eye-opening
Quot...
1 day ago
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