PEP TG Investments, one of Callaway Golf’s largest shareholders with its stake of more than 15 percent, will finally sell 4,000,000 of its shares in the company, one million more than previously planned, through a public offering. It is pricing it at $29.25 per share, below Callaway’s closing price prior to the new announcement. PEP is still granting a 30-day option to purchase more shares, depending on the demand, but it has raised the overallotment to 600,000 shares from 450,000. Callaway’s share price rose above $30 after the new announcement, made on Sept. 15, opening above $31 on Sept. 17. The offering is expected to close on Sept. 20.

Topics