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Home Adams Golf is up for sale

A year ago, the Acushnet Company was up for sale. The New Year is only days old and Adams Golf (ADGF: NASDAQ) is looking for a strategic buyer. The Company’s Board of Directors has unanimously decided to explore and evaluate strategic alternatives for the purposes of enhancing shareholder value. Translation of the corporate talk means the stock price needs to pull its socks up and entertaining potential offers is the way it will attempt to be accomplished.

Adams Golf has engaged Morgan Stanley & Co., which also happened to be the lead banker on the Acushnet deal last year. "We are pleased to be working with Morgan Stanley on this initiative," stated Chip Brewer, CEO and President of Adams Golf in a prepared statement. "They bring strong market insight and a wealth of experience in these matters. As we continue to strengthen the Adams Golf brand, the entire board thinks the current market valuation is inconsistent with the company's performance and future prospects."

The Board of Directors intends to consider the full range of available options. The Company made a point to state that it has not made a decision to pursue any specific strategic alternative at this time, and the exploration of strategic alternatives may not result in any specific action or transaction. There is no definitive timetable for the process. Adams Golf does not intend to provide updates or make any further comment regarding the evaluation of strategic alternatives unless a specific action is approved by the Board of Directors or the process is concluded.