It’s Got the Moves Like Scheffler. TopGolf Callaway (MODG) Has Made It Into the Green Upon Sale Rumors, Up ~12%

Golf lifestyle, equipment and apparel company TopGolf Callaway (MODG) is taking a play from recent PLAYERS Champ Scottie Scheffler and winning on the day as its moving into the green trading up ~12% and leading the PRISM Consumer Products Index.

The move is likely due to a sale rumor released in a recent report by the South Korean news outlet Chosun Daily. It was cited that the company may be considering a sale of its equipment-making arm which would be valued around $3Bn. Its expected the major shareholders would spin off Topgolf and only sell Callaway. According to the report, Callaway shareholders have selected a lead manager to sell their stakes and rights. The industry has struggled more post-pandemic as the return to normalcy has continued. Topgolf Callaway has not responded for comment on the report.

Share This Article

 

About the Author

It’s Got the Moves Like Scheffler. TopGolf Callaway (MODG) Has Made It Into the Green Upon Sale Rumors, Up ~12%

Ashlee Vogenthaler

Markets Editor