Taiwan: Offer for Golf Club Maker
By REUTERS
Published: May 10, 2007
The investment firm Oaktree Capital Management said it had offered to buy the world’s largest golf club maker, the Fu Sheng Industrial Company of Taiwan, in a deal worth about 28.3 billion Taiwan dollars ($852 million). Oaktree is offering investors 37.50 Taiwan dollars a share in a cash offer for the whole company. Fu Sheng makes clubs for Callaway, left, as well as TaylorMade, Titleist and Wilson brands. The bid is at a 15.7 percent premium to the average 30-day closing price of Fu Sheng’s shares. Fu Sheng’s stock closed 6.91 percent higher yesterday at 36.35 Taiwan dollars a share. The retail market for golf club heads, worth more than $4 billion, is growing globally with the United States making up half of sales and Japan about a third. Oaktree hopes to help Fu Sheng increase sales at its other businesses, like industrial air compressors.
Taiwan: Offer for Golf Club Maker - New York Times
world’s largest golf club maker
Linear Mode
