Potential Callaway Buyout
Posted June 23rd, 2005 by Jeff Smith
A proposal has been in the works for a Callaway buyout since May 20th. No word yet on the outcome.
The buyout firm Thomas H. Lee Partners and insurance mogul William Foley II submitted a $1.2 billion cash buyout proposal to Callaway's board May 20th. According to the Los Angeles Times Callaway's top executive team were all unanimous in their approval of the bid but there appears to dissenting views from some on the board. One faction of the board is proposing the replacement of William Baker, Callaway's chairman and chief executive with another board member, Anthony Thornley. Baker is reportedly in favor of the bid.
CNN reports that Callaway stock is up 13 percent today upon news of the potential buyout.
UPDATE: My recently informed opinion is that going private by accepting this deal, or one just like it, would be a big step in the right direction for Callaway. The only thing holding them back at this point are board members unwilling to break from the status quo for the good of the company.
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Posted 02 Aug 2005 at 10:22pm #
Callaway has a new CEO, and his last gig was with a cosmetics company? Yep. George Fellows is now one of the fellas.
Posted 05 Aug 2005 at 9:53am #
MacGregor wants to buy Callaway? Since when do they have that kind of money?