TaylorMade-adidas Golf Company Completes Acquisition of Ashworth, Inc.
Herzogenaurach / Carlsbad, California, Nov 20th, 2008 – The adidas Group announced today that TaylorMade-adidas Golf successfully completed its tender offer for the outstanding shares of Ashworth, Inc. (NASDAQ: ASHW) for a price of $1.90 per share in cash.
At the expiration of the offer at midnight EST on November 18, 2008, 10,934,097 shares of Ashworth were tendered and accepted for purchase, representing approximately 74% of the outstanding shares of Ashworth common stock. TaylorMade-adidas Golf then exercised its top-up option under the merger agreement to bring its ownership to 90% and enable it to complete the acquisition through a short-form merger under Delaware law.
As a result of the acquisition, Ashworth will become a wholly-owned subsidiary of TaylorMade-adidas Golf and any shares of Ashworth common stock not tendered will be cancelled and converted into the right to receive the $1.90 in cash per share to be paid in the tender offer, without interest and less any required withholding taxes.
"We're extremely pleased to announce that our acquisition of Ashworth is complete, and that we will now move forward to integrate this great brand into the TaylorMade-adidas Golf Company," said Mark King, President and CEO of TaylorMade-adidas Golf. "We are very confident that by working together and taking advantage of the many benefits that our parent company the adidas Group has to offer we can quickly make Ashworth a powerful asset to our company."
Following the completion of the acquisition, Ashworth’s financial results will be consolidated within the adidas Group as of November 20, 2008 and will be reported in the TaylorMade-adidas Golf business segment.