TaylorMade-adidas Golf has successfully completed its tender offer for outstanding shares in Ashworth for a price of $1.90 per share.
“We’re extremely pleased to announce that our acquisition of Ashworth is complete and that our plans to integrate this great brand into the TaylorMade-adidas Golf Company are taking shape,” said company president and chief executive officer Mark King.
“We are confident that, by working together and taking advantage of the many benefits that our parent company, the adidas Group, has to offer, we can quickly make Ashworth a powerful asset to our company.”
TaylorMade-adidas purchased approximately 10,934,097 shares, representing an estimated 74 per cent of outstanding Ashworth common stock, then exercised a top-up option to bring its ownership to 90 per cent.
Ashworth finanacial results were consolidated with the adidas Group as of Nov. 20 and will be reported in the TaylorMade-adidas Golf business segment.
“We firmly believe that the adidas Golf and Ashworth brands are unique and complementary,” said John Kawaja, executive vice president of adidas Golf. “The alliance of these two brands gives us a powerful portfolio of products that appeal to a wide range of ages, preferences and player types.
“We plan to make use of all of our resources, including those of our parent company, the adidas Group, to reinvigorate the Ashworth brand and make it a vital part of how we go to market and a catalyst to greater success for our company.”