Fairness Opinion for Callaway’s Acquisition of Odyssey Sports
Transaction
Callaway Golf was pursuing the acquisition of Oodyssey Sports, Inc., the manufacturer of the hottest putter on the tour at that time
As a public company, the Board needed a fairness opinion from an independent third party to provide to its shareholders
Challenges
There was a very short time frame to deliver our fairness opinion
We had to get comfortable with what appeared to be a very “full” purchase price
Gaining comfort with Odysseys’ future projected cash flows and potential synergies was needed to justify the short-term dilution of the acquisition
Solution
Within a few weeks of being hired, principals of FocalPoint issued a draft of its fairness opinion, analyzing both the relative and absolute fairness of the acquisition
It was our opinion that the transaction was of fair value to the shareholders from a financial point of view
