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Haynes and Boone Represents Adams Golf in Acquisition Agreement with the adidas Group
DALLAS – A team of Haynes and Boone, LLP lawyers recently advised Adams Golf, Inc. (NASDAQ: ADGF) in its agreement to be acquired by TaylorMade-adidas Golf in a transaction valued at about $70 million.
Dallas Partner Greg Samuel was assisted by Dallas associates David Colletti, Tom Tippetts and Dawud Crooms in the March 18 deal in which TaylorMade-adidas agreed to purchase all outstanding shares of Adams Golf for $10.80 cash per share for a total equity value of approximately $89 million.
The purchase price per share represents a premium of about 71 percent to the share price prior to Adams Golf’s Jan. 4 announcement that it was examining strategic alternatives.
The addition of Adams Golf enables TaylorMade-adidas Golf to broaden its product range and to extend its presence across a wider array of golfers.
About Haynes and Boone
Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Washington, D.C., Mexico City and Moscow, providing a full spectrum of legal services. With more than 525 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal. The firm has been named one of the "Best Corporate Law Firms in America" (Corporate Board Member Magazine, 2001-2011) and recognized as a “Top 20 Law Firm” for culture and for diversity with respect to both women and minorities (Vault, 2012).
About Adams Golf
Adams Golf designs, assembles, markets and distributes premium quality, technologically innovative golf clubs for all skill levels. Recently launched products include the Speedline Fast 12 drivers, Fast 12 LS drivers and the Speedline Fast 12 fairway woods, along with the Idea a12 OS irons and hybrids, Idea a12 hybrids, Idea Pro a12 irons and hybrids, Idea Tech V3 irons and hybrids, Redline irons, Idea a7 and a7 OS irons and hybrids, and Speedline 9088 UL drivers. Adams Golf also develops new products under the Yes! Putters, Women's Golf Unlimited, Lady Fairway and Square 2 brands. In 2011, net sales were approximately $97 million (€ 73 million).
About the adidas Group
The adidas Group is one of the global leaders within the sporting goods industry, offering a broad range of products around the core brands: adidas, Reebok, TaylorMade, Rockport and Reebok-CCM Hockey. Headquartered in Herzogenaurach, Germany, the Group has more than 46,000 employees and generated sales of over € 13 billion in 2011.
About TaylorMade-adidas Golf
Headquartered in Carlsbad, California, TaylorMade-adidas Golf Company sells golf clubs, balls clothing and accessories under the TaylorMade, adidas Golf and Ashworth brands. TaylorMade-adidas Golf Company posted 2011 sales of over € 1.0 billion.