Activist investment firm Jana Partners said on Thursday it owns a 9.2% stake in ...
NEW YORK - Activist investment firm Jana Partners said on Thursday it owns a 9.2% stake in Callaway Golf Co and may push for changes including a possible sale, sending shares of the golf equipment maker up as much as 16%.
Jana said in a regulatory filing that Callaway’s shares are “undervalued” and that it plans to hold discussions with the company’s board about “strategic alternatives including exploring a sale of the Issuer or asset divestitures.”A Callaway spokesman, Patrick Burke, said the company tries to maximize value for all shareholders and has always had an open dialogue with its investors.
Shares of Callaway, which has a market capitalization of $1.7 billion, rose as much as 16.3% on Thursday and were still up 14.2% at $18.17 on Thursday afternoon on the New York Stock Exchange. Jana’s investment comes only months after Callaway, based in Carlsbad, California, completed its roughly $476 million acquisition of German outdoor apparel company Jack Wolfskin in January. Since January, the stock price has risen 3.92% but it has dropped 21% over the last year, suggesting that Wall Street questioned the acquisition.
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