PARIS — German sporting goods maker Adidas AG said its TaylorMade-Adidas Golf subsidiary had completed the acquisition of American golf equipment company Adams Golf, Inc. for an estimated $70 million, and named John Ward president of the business.
“Uniting the talents of the TaylorMade-Adidas Golf and Adams Golf research and development departments will help us develop even better equipment for the target consumers of both brands,” stated Mark King, president and chief executive officer of TaylorMade-Adidas Golf.
At $10.80 per share in cash, the transaction represents a premium of about 71 percent to the share price prior to the announcement by Adams Golf on Jan. 4 that it had retained Morgan Stanley to explore strategic alternatives for the group.
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Adams Golf generates the bulk of its sales in the United States, but TaylorMade-Adidas Golf plans to turn it into a global brand. Ward has served as vice president of U.S. sales for the TaylorMade brand since 2010.