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Initial takeover offers for Fortune Brands’ golf unit are expected to be submitted today by a range of bidders, including Adidas AG, Nike Inc and private equity firms, sources familiar with the situation said on Friday.
Fortune Brands said in December it would split off its golf and home products units under pressure from activist investor William Ackman.
Consumer goods maker Fortune Brands posted a sharply higher quarterly profit that topped Wall Street’s expectations as an improving economy helped spur sales of premium liquor and Titleist golf clubs.
But the conglomerate said sales of its Simonton windows, up at a double-digit rate, were fueled by the expiration of a consumer tax credit for the purchase of energy-efficient home products. As a result, it expects the overall window market to fall at a mid-single-digit rate this year. Get the full story »
Fortune Brands headquarters. (AP)
Fortune brands, the Deerfield-based purveyor of golf balls, Sauza tequila and Moen faucets, announced it intends to split the company into as many as three parts.
Under a plan approved by Fortune’s board, the company expects to spin off its home and security business to shareholders, sell or spin off its golf business and become a publicly-traded spirits company. Get the full story »
Fortune Brands Inc., the maker of Jim Beam bourbon and Moen faucets, is growing likely to cooperate with activist shareholder William Ackman on a plan to split up the company’s three business units, people familiar with the matter said.
There is no guarantee that efforts to spin off or sell the golf equipment, spirits and home-products businesses will succeed, given the complexity inherent in untangling and valuing the three divisions, the people cautioned. Get the full story »
