TopGolf Callaway Was Soaring This Week: Here's Why
Shares of TopGolf Callaway stock (NYSE: MODG) started roaring higher this week, according to data from S&P Global Market Intelligence. The golf equipment and entertainment company started moving higher after reports a South Korean investor group was going to buy its golf equipment and apparel business. However, management refuted these claims and said they weren't aware of any talks.
As of 2:57 p.m. ET on Friday, March 22, shares of TopGolf Callaway are up 13.7% this week.
A report surfaced this week in a South Korean newspaper that a Korean investment firm was the frontrunner to acquire Callaway's equipment brands as well as its lifestyle brands, such as Travis Mathew. Korean entities own two of the larger golf-equipment brands in the world -- Titleist and TaylorMade -- making this acquisition of Callaway not far-fetched. According to the report, the TopGolf entertainment business would remain a separate company.
Source Fool.com
