Topgolf Callaway jumps on plan to split into two independent companies

Callaway Golf

04/09/2024 21:37

** Shares of golf equipment maker Topgolf Callaway Brands
 MODG.N  jump 12.5% after the closing bell
    ** Company says will separate into two independent companies
- Topgolf and Callaway
    ** Spin-off will be conducted via a tax-free transaction -
MODG
    ** "We believe this business, on a stand-alone basis, will
be well understood and valued by the market" - CEO James Lico
    ** YTD, stock has lost 28%

 (Reporting by Niket Nishant in Bengaluru)
 ((Niket.Nishant@thomsonreuters.com))