Initial bids for Acushnet to come this weekend
When the Acushnet Company (comprised of the Titleist, FootJoy and Pinnacle brands) put forth its "Teaser" document as well as its Offer Memorandum last month, it was anticipated that bids for the company would come by April. That timetable appears to be holding as it is expected that initial bids for the company are expected to come in this weekend, according to sources familiar with the situation.
Acushnet, which is being put on the block by its parent, Fortune Brands, is expected to draw between 15 and 25 bids, including from private equity investors as well as some strategic buyers. It is expected Adidas (parent of TaylorMade) and Nike will be among the strategic buyers placing bids. Adidas could not be reached for comment prior to publication while Nike declined to comment. Acushnet, which had revenue of $1.24 billion and operating income of $80.2 million last year could bring as much as $1 billion in a sale. After the initial bids, the group will be winnowed to a list of five to 10 finalists.
E. Michael Johnson**Follow me on Twitter at EMIchaelGW