Brief: Topgolf Callaway Brands Announces Intent To Separate Into Two Independent Companies

Callaway Golf

04/09/2024 21:20

Sept 4 (Reuters) - Topgolf Callaway Brands Corp
 MODG.N :
    * TOPGOLF CALLAWAY BRANDS ANNOUNCES INTENT TO SEPARATE INTO
TWO
INDEPENDENT COMPANIES
    * TOPGOLF CALLAWAY BRANDS CORP - EXPECTS THAT A SPIN-OFF OF
TOPGOLF INTO A STAND-ALONE PUBLIC COMPANY IS MOST LIKELY
SEPARATION PATH
    * TOPGOLF CALLAWAY BRANDS CORP: TO PURSUE SEPARATION OF ITS
BUSINESS INTO CALLAWAY AND TOPGOLF
    * TOPGOLF CALLAWAY BRANDS: EXPECTS TO EFFECT SEPARATION
THROUGH 
SPIN-OFF OF TOPGOLF BUSINESS TO TOPGOLF CALLAWAY BRANDS'
SHAREHOLDERS
    * TOPGOLF CALLAWAY BRANDS CORP - COMPANY TO EVALUATE OTHER
SEPARATION OPTIONS TO MAXIMIZE SHAREHOLDER VALUE
    * TOPGOLF CALLAWAY BRANDS CORP - DETERMINED THAT CALLAWAY
AND
TOPGOLF WILL BE BETTER SERVED OPERATING INDEPENDENTLY FROM EACH
OTHER
    * TOPGOLF CALLAWAY BRANDS CORP - CALLAWAY WILL CONSIST OF
COMPANY'S EXISTING GOLF EQUIPMENT, TOPTRACER AND ACTIVE
LIFESTYLE BUSINESSES
    * TOPGOLF CALLAWAY BRANDS: TOPGOLF BUSINESS TO CONSIST OF
EXISTING
TOPGOLF BUSINESS, WITH EXCEPTION OF TOPTRACER, WHICH WILL BE
PART OF CALLAWAY
    * TOPGOLF CALLAWAY BRANDS- INTENDS TO SPIN OFF AT LEAST
80.1% OF
TOPGOLF TO OBTAIN DESIRED TAX-FREE TREATMENT OF SPIN-OFF
    * TOPGOLF CALLAWAY BRANDS CORP - TOPGOLF INTENDS TO REDUCE
ITS NEW
VENUE DEVELOPMENT PLANS FOR 2025 TO A NUMBER IN MID-SINGLE DIGIT
RANGE
    * TOPGOLF CALLAWAY BRANDS : TOPGOLF WILL RETAIN ITS VENUE
FINANCING OBLIGATIONS, WILL HAVE NO FINANCIAL DEBT, & BE FUNDED
WITH ASIGNIFICANT CASH BALANCE
    * TOPGOLF CALLAWAY BRANDS CORP - EXPECTS LIMITED
DIS-SYNERGIES AS
A RESULT OF SEPARATION
    * TOPGOLF CALLAWAY BRANDS: CALLAWAY WILL CONTINUE TO BE LED
BY
CHIP BREWER & TOPGOLF WILL CONTINUE TO BE LED BY ARTIE STARRS
    * TOPGOLF CALLAWAY BRANDS CORP: EXPECTS TO EXECUTE SPIN-OFF
OF
TOPGOLF IN SECOND HALF OF 2025

Source text for Eikon:  ID:nPn7N5GG1a 
Further company coverage:  MODG.N 

 ((Reuters.Briefs@thomsonreuters.com;))