Adams Golf, Inc. announced that its board of directors has unanimously decided to explore and evaluate strategic alternatives to enhance shareholder value. The board intends to consider the full range of available options. The company has engaged Morgan Stanley & Co. to assist in the evaluation of these alternatives.
The company 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. The company 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.
“We are pleased to be working with Morgan Stanley on this initiative,” stated Chip Brewer, CEO and President of Adams Golf. “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.”