Topgolf Callaway Brands Corp. is reportedly contemplating the sale of its Callaway Golf business, as reported on Wednesday, March 21. The speculated valuation for the brand stands at an impressive $3 billion.
While the potential sale focuses solely on the Callaway Golf segment, it suggests that Topgolf would remain unaffected and continue to operate independently from the brand. Following the circulation of this news, the stock price of Callaway surged approximately 10 percent on Wednesday. However, in response to these reports, Topgolf Callaway has declared its lack of awareness regarding any ongoing discussions concerning a potential sale.
“While it is our long-standing practice not to respond to market rumors and speculation, in light of today’s unusual market activity, coupled with a recent media report originating in Korea regarding discussions of a potential sale of the company or its golf equipment business, we confirm that we are not aware of any such discussions,” said the company in an emailed comment. “We do not intend to comment further on this topic, and we assume no obligation to make any further announcement or disclosure should circumstances change.”
Read more: Is Topgolf Callaway on the market? South Korean sources says so
