Morgan Stanley has sent out marketing materials and non-disclosure
agreements for the sale of Acushnet, the parent of Titleist or Footjoy, according to a report on CNBC. The number of potential suitors include Nike, Adidas,
Callaway, Cleveland/Srixon parent Sumitomo Rubber and Mizuno.

Callaway would likely have to partner with a PE firm to make an acquisition, the article stated

The first round of bidding will complete in late February. If bidding is less than desirable, an IPO-based spinoff of Acushnet could be the end result.

Fortune Brands, Acushnet's parent, said the unit earned $115 million in pre-tax earnings
for the first nine months of 2010, an 85% increase from the same
period a year earlier. Bankers suggested to CNBC that the business could fetch
nine times trailing operating earnings, or around $1.3 billion, in an
outright sale.