FAIRHAVEN, Mass.–(BUSINESS WIRE)–Acushnet Holdings Corp. (NYSE: GOLF) (“Acushnet”) today announced the
commencement of an offering of 8,332,311 shares of its common stock by
investment funds affiliated with Mirae Asset Global Investments Co. Ltd.
(the “Selling Shareholder”). The Selling Shareholder intends to grant
the underwriters in the offering a 30-day option to purchase up to an
additional 833,231 shares of common stock from the Selling Shareholder.
Acushnet is not selling any shares of common stock in this offering and
will not receive any proceeds from the sale of the shares of common
stock by the Selling Shareholder.
Morgan Stanley and Nomura are acting as joint book-running managers for
the offering. Morgan Stanley and Nomura propose to offer the shares of
common stock to the public at a fixed price, which may be changed at any
time without notice.
Acushnet’s common stock is listed on The New York Stock Exchange (the
“NYSE”) under the symbol “GOLF.” The last reported sale price of
Acushnet’s common stock on the NYSE on November 10, 2017 was $19.22 per
In connection with the proposed offering, Acushnet, each of Acushnet’s
directors and executive officers, the Selling Shareholder, and
Acushnet’s controlling shareholder Magnus Holdings Co. Ltd. will enter
into customary lock-up arrangements for a period of 30 days after the
date of the prospectus to which this offering relates, subject to
certain exceptions. Morgan Stanley and Nomura, in their sole discretion,
may release the common stock and other securities subject to such
lock-up arrangements in whole or in part at any time.
Acushnet has filed a registration statement (including a prospectus)
with the Securities and Exchange Commission (the “SEC”) for the offering
to which this communication relates but such registration statement has
not yet become effective. Before you invest, you should read the
prospectus in that registration statement and other documents Acushnet
has filed with the SEC for more complete information about Acushnet, the
Selling Shareholder and this offering. You may get these documents for
free by visiting EDGAR on the SEC’s website at www.sec.gov.
Alternatively, a copy of the preliminary prospectus relating to the
offering may also be obtained from the office of Morgan Stanley,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, NY 10014 or Nomura, Attention: Equity Syndicate, Worldwide Plaza,
309 West 49th Street, 5th Floor, New York, NY 10019-7316, or by
telephone at (212) 667-9562.
The information included herein relates only to this offering and
updates, and should be read together with, the preliminary prospectus
dated November 9, 2017, included in the registration statement on Form
S-1 (File No. 333-221461), which may be accessed on the SEC website at http://www.sec.gov
as follows (or if such address has changed, by reviewing Acushnet’s
filings for the relevant date on the SEC web site): https://www.sec.gov/Archives/edgar/data/1672013/000104746917006943/a2233705zs-1.htm
These securities may not be sold nor may offers to buy be accepted prior
to the time the registration statement becomes effective. This press
release shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation, or sale would
be unlawful prior to registration or qualification under the securities
laws of any such state or jurisdiction.
The statements contained in this release that are not historical
facts are forward-looking statements, including the fact that an
offering will take place. These forward-looking statements are based on
current expectations and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from these
expectations due to changes in global, regional or local economic,
business, competitive, market, regulatory and other factors, many of
which are beyond Acushnet’s control. Any forward-looking statement in
this release speaks only as of the date of this release. Acushnet
undertakes no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by any
applicable securities laws.
About Acushnet Holdings Corp.
We are the global leader in the design, development, manufacture and
distribution of performance-driven golf products, which are widely
recognized for their quality excellence. Driven by our focus on
dedicated and discerning golfers and the golf shops that serve them, we
believe we are the most authentic and enduring company in the golf
industry. Our mission – to be the performance and quality leader in
every golf product category in which we compete – has remained
consistent since we entered the golf ball business in 1932. Today, we
are the steward of two of the most revered brands in golf – Titleist,
one of golf’s leading performance equipment brands, and FootJoy, one of
golf’s leading performance wear brands.