Adams Golf Investor Tees Off On $70M Sale To Adidas

Law360, Wilmington (March 29, 2012, 6:59 PM EDT) -- A shareholder on Wednesday hit Adams Golf Inc. with a class action in Delaware state court challenging the planned $70 million sale of the golf club maker to Adidas AG’s golf unit, saying the deal stiffs investors.

Despite a banner year in 2011, Adams Golf’s board members signed off on an inadequate $10.80 per share cash offer from Adidas’s TaylorMade Golf Co. Inc., breaching their duty to shareholders in the process, according to a complaint lodged in Delaware Chancery Court by Daniel Tarsha.

The German sporting...
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