Fortune Brands Split; Titleist To Be Spun Off Or Sold
/Multiple outlets are reporting the news, a result of activist investor William Ackman's pressure on the company to beef up its stock value.
Michael J. De La Merced reports:
“This is great news for the company and great news for the shareholders,” Mr. Ackman said Tuesday night.
Well, let's be clear, it's great news for one majority shareholder!
And...
Fortune Brands will spin off the home products businesses to its shareholders, and will either sell or spin off the golf businesses, the person with knowledge of the plan said.
This will be fascinating to watch as a merger with nearly every existing ball manufacturer faces anti-trust hurdles and long delays that someone like Ackman won't tolerate.
Look for the suitors for Acushnet to be private equity or a darkhorse Asian-based company. Stay tuned...