TAYLORMADE TO TAKE OVER ADAMS GOLF FOR $70million

The Adidas Group, parent of TaylorMade-Adidas Golf, has agreed to buy all outstanding shares of Adams Golf for $70 million, according to published reports today.
The price of $10.80 per share represents a 71 percent premium from Adams' price on January 4, when the Plano, Texas company announced that it was exploring strategic alternatives.
The deal is expected to close in mid-2012.
Earlier this year, Chip Brewer, president and chief executive officer of Adams, resigned to become the head of Callaway Golf.