Adidas buying Ashworth....? (Update Info with Official Announcement)

Rumour has it Adidas is acquiring Ashworth. This means Callaway will no longer have their apparel made under licence by Ashworth. No doubt Callaway will have alternative suppliers lined up.

I love Ashworth shirts and really feel that unless Adidas is going to pump big bucks into them their quality will suffer.

Rumour has it Adidas is acquiring Ashworth. This means Callaway will no longer have their apparel made under licence by Ashworth. No doubt Callaway will have alternative suppliers lined up.

 

I love Ashworth shirts and really feel that unless Adidas is going to pump big bucks into them their quality will suffer.

What's wrong with Adidas ClimaCool? Some of Adidas stuff is top drawer...

Interesting...... The Adidas stuff I have is some of my favorites. What could Adidas gain?

Living in the UK we rarely get anything over 75 degrees. I really dislike the artificial of texture Under Armour, Nike etc that are more or all polyester. Plus Ashworth cotton shirts are, along with F+G and Lacoste, the best shirts I have ever owned.

Living in the UK we rarely get anything over 75 degrees. I really dislike the artificial of texture Under Armour, Nike etc that are more or all polyester. Plus Ashworth cotton shirts are, along with F+G and Lacoste, the best shirts I have ever owned.

Ahh, I see. Definitely a valid point.

Here in the States, Adidas has a pretty nice following. I guess I go the other way... I love the UA, Nike Dri-Fit, and Adidas Climacool.

This would be fine as Ashworth needs a capital infusion. I would also think this would make sense as Addidas could use that brand as the techy brand and then allow Ashworth to get back to their roots as far as casual classic tailored clothing for the golfer. Ashworth needs to go back to green grass accounts and getout of the mass market stores. Sometimes market share leads to lower margins. I also heard the John Ashworth is back with the company and the forst thing he did was to nox all the polyester crap and go back to natural fabrics.

We'll see.

I hope they don't start putting three stripes on all the Ashworth clothing...

This past season John Ashworth went back to do all of the designing. He eliminated the AWS line and went strictly to the cotttons that were the roots of his company. So it would surprise me slighlty if they made another huge change in the actual line even if Adidas was to buy the company.

ADIDAS is a German Company. The founders name is Adi Dassler. Here in Germany ADIDAS is only a standard basic brand. That means every street soccer player is wearing ADIDAS. Don`t understand what is so special about this 3 stripes clothing or shoes.

Far away from brands like ASHWORTH, POLO GOLF, FAIRWAY & GREENE and others.

One word ....ugly...........

This would be fine as Ashworth needs a capital infusion. I would also think this would make sense as Addidas could use that brand as the techy brand and then allow Ashworth to get back to their roots as far as casual classic tailored clothing for the golfer. Ashworth needs to go back to green grass accounts and getout of the mass market stores. Sometimes market share leads to lower margins. I also heard the John Ashworth is back with the company and the forst thing he did was to nox all the polyester crap and go back to natural fabrics.

 

We'll see.

If the rumor is true, I wouldn't see adidas changing anything with the Ashworth line except for making them more cash solvent.

John Ashworth is back with the company that bears his name......and that's a good thing for Ashworth apparel lovers......like me.

Woo

I hate Ashworth...too cheap and boring looking. I would never get caught wearing one.

I hate Ashworth...too cheap and boring looking. I would never get caught wearing one.

haha..fair enough. As for Adidas buying Ashworth.. I just hope they won't drastically change the entire look. I love Ashworth along with Polo, Lacoste, and the like.

If the rumor is true, I wouldn't see adidas changing anything with the Ashworth line except for making them more cash solvent.

 

John Ashworth is back with the company that bears his name......and that's a good thing for Ashworth apparel lovers......like me.

 

Woo

John Ashworth did rejoin the company, but for the last few months he hasn't really been involved with them. He's still there in name but on the way out as they have been trying to find a buyer. They posted a loss in the third quarter, and they've hired an investment banking company to help find a buyer.

interesting... with their new lines out maybe they feel they wont be successful as planned?

So if John is back with Ashworth , is Fidra gone ? And does Quicksilver still own Ashworth ?

Here's another fan of Adidas' "polyester crap," I love it and really can't see the point of wearing cotton in warm weather.

Also, Ashworth's stuff is cut like a tent. I may be old, but I'm not fat, and I haven't lost my sense of style.

I hope they don't start putting three stripes on all the Ashworth clothing...

I hope they don't stop making them out of that uncomfortable clinging material they harvest from recycled upholstery.

You should take a look at the "new" Ashworth. John has made his impact, but it's hard to make a statement during economic times like these...

I wish I could find images of the new stuff, but the major retailers buy so conservatively its hard to get a true understanding of some of the cool things he has done. Most of the items you see listed on websites might be 3-4 seasons old so even though the designs of the company have changed drastically, the general public takes much longer to see the new stuff. The shirt below is part of the ASH33 "sub-brand" which is designed for the younger golfer and has a tighter fit.

Golf Galaxy ASH33 Polo

So if John is back with Ashworth , is Fidra gone ? And does Quicksilver still own Ashworth ?

Quicksilver didn't own Ashworth, they owned Fidra. Ashworth has been a publicly owned company since John Ashworth sold his controlling shares back in 1997.

Fidra is still around, or at least it was in January. When Cleveland was sold to SRI, one of the first things they did was sell off the Fidra brand. The new owners are investors from Japan, who were planning on only selling products in Japan, at least initially.

This past season John Ashworth went back to do all of the designing. He eliminated the AWS line and went strictly to the cotttons that were the roots of his company. So it would surprise me slighlty if they made another huge change in the actual line even if Adidas was to buy the company.

AWS was there only decent line of shirts IMO....big mistake. The EZ-Tech and plain cotton shirts were heavy, hot, huge, and wore quickly.

When I think of Ashworth, I think of two words....Freddie Couples.

This past season John Ashworth went back to do all of the designing. He eliminated the AWS line and went strictly to the cotttons that were the roots of his company. So it would surprise me slighlty if they made another huge change in the actual line even if Adidas was to buy the company.

 

AWS was there only decent line of shirts IMO....big mistake. The EZ-Tech and plain cotton shirts were heavy, hot, huge, and wore quickly.

I can't argue if you liked the AWS shirts, I did too until I realized why John hated them. Poly shirts smell. Yes, they do work fabulously but by time the round is over you smell. Not to mention the snag issues with polyester. The new shirts are all blends, which is the industry trend. Typically a 60% cotton, 40% poly blend is where Ashworth has moved too. So basically, they've addressed the weight, temperature and wear issue you have had issues with. The shirts are still big, but they have a new "sub-brand" called ASH33 that is cut slimmer for the younger minded golfer.

"I can't argue if you liked the AWS shirts, I did too until I realized why John hated them. Poly shirts smell. Yes, they do work fabulously but by time the round is over you smell."

Speak for yourself; not all of us have this problem with dri-fit materials. I add a little Arm & Hammer booster or Borax to the wash and they stay fresh.

No worries, that's why its a free market. I still own plenty of polyester shirts, as I still will play in them during the 100+ SoCal desert days.

TaylorMade-adidas Golf Company to acquire Ashworth, Inc.

The adidas Group and Ashworth, Inc. (NASDAQ: ASHW) announced today that the TaylorMade-adidas Golf business segment has entered into a definitive agreement to acquire all of the outstanding shares of Ashworth, Inc. for $1.90 per share in cash.

Through the acquisition of Ashworth, TaylorMade-adidas Golf becomes the leading and most balanced golf apparel company with a complete apparel offering for golfers globally. The transaction enables TaylorMade-adidas Golf to widen its product range, to further strengthen its distribution platform and to extend its marketing presence.

“Ashworth is a well-established, authentic golf apparel brand with a strong heritage and represents an excellent addition to TaylorMade and adidas Golf,” said adidas AG Chairman and CEO Herbert Hainer. “This acquisition underscores our commitment to continued growth in the golf category.”

Makes sense.......the aging TM players (Toms...yeah I know he's C&B right now, Perry, Funk, Lumpy, Wilson, etc.) can't fit in those skinny adidas clothes forever........

Woo

Herzogenaurach / Carlsbad, California – The adidas Group and Ashworth, Inc. (NASDAQ: ASHW) announced today that the TaylorMade-adidas Golf business segment has entered into a definitive agreement to acquire all of the outstanding shares of Ashworth, Inc. for $1.90 per share in cash. The transaction value is $72.8 million (€54.1 million), which includes the assumption of $46.3 million (€34.4 million) of Ashworth debt based on Ashworth, Inc.'s 10-Q for the period ended July 31, 2008.^[1] The transaction will be effected through a tender offer to be launched shortly by a subsidiary of Taylor Made Golf Company, Inc. ("TaylorMade-adidas Golf") for all outstanding Ashworth shares. The tender offer will be subject to, among other things, the condition that at least a majority of the outstanding Ashworth shares are tendered.

Through the acquisition of Ashworth, TaylorMade-adidas Golf becomes the leading and most balanced golf apparel company with a complete apparel offering for golfers globally. The transaction enables TaylorMade-adidas Golf to widen its product range, to further strengthen its distribution platform and to extend its marketing presence.

"Ashworth is a well-established, authentic golf apparel brand with a strong heritage and represents an excellent addition to TaylorMade and adidas Golf," said adidas AG Chairman and CEO Herbert Hainer. "This acquisition underscores our commitment to continued growth in the golf category."

"We are excited to bring Ashworth alongside our industry-leading TaylorMade and adidas Golf brands. TaylorMade-adidas Golf's mission is to be the best performance golf company in the world and adding Ashworth is another important step in achieving that goal," commented Mark King, President and CEO of TaylorMade-adidas Golf.

"This deal provides exciting prospects for our colleagues, partners and customers around the world. The Ashworth® brand fits perfectly into TaylorMade-adidas Golf's line-up of brands and together we will be able to increase efficiency and drive the golf apparel business going forward, leveraging a broad set of resources," said Allan Fletcher, CEO of Ashworth, Inc.

The Board of Directors of Ashworth has approved the transaction. In addition, members of the Knightspoint Partners group who collectively own over 16% of Ashworth's outstanding shares have entered into an agreement whereby they have agreed to tender their shares. The Knightspoint Partners group represents the largest reporting shareholder group of Ashworth.

The adidas Group plans to finance the acquisition with cash on hand or through existing credit lines. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter 2008.

In connection with the transaction, Barclays Capital is acting as financial advisor to the adidas Group, and Sheppard Mullin Richter & Hampton LLP is serving as legal counsel. Kurt Salmon Associates Capital Advisors, Inc. is acting as financial advisor to Ashworth.

About the adidas Group

The adidas Group is one of the global leaders within the sporting goods industry, offering a broad range of products around three core segments adidas, Reebok and TaylorMade-adidas Golf. Headquartered in Herzogenaurach, Germany, the Group has more than 34,000 employees and generated sales of €10.3 billion in 2007.

About TaylorMade-adidas Golf

Headquartered in Carlsbad, California, TaylorMade-adidas Golf sells golf clubs and balls under the TaylorMade brand and adidas Golf footwear and apparel. TaylorMade-adidas Golf posted 2007 sales of €804 million.

About Ashworth, Inc.

Ashworth, Inc. is a leading designer of men's and women's golf-inspired lifestyle sportswear distributed domestically and internationally in golf pro shops, resorts, upscale department and specialty stores and to corporate customers under the Ashworth® brand. Ashworth is also an Official Apparel Licensee of Callaway Golf Company. Ashworth is also a leading designer, producer and distributor of headwear and apparel under The Game® and Kudzu® brands. The Game is a leading headwear brand in collegiate bookstores and Kudzu products are sold into the NASCAR/racing markets and through outdoors sports distribution channels, including fishing and hunting. Ashworth is also the exclusive on-site event merchandiser for the Kentucky Derby.

TaylorMade-adidas Golf Company Completes

Acquisition of Ashworth, Inc.

HERZOGENAURACH, Germany / CARLSBAD, Calif. (November 20, 2008) – The adidas Group announced that TaylorMade-adidas Golf successfully completed its tender offer for the outstanding shares of Ashworth, Inc. (NASDAQ: ASHW) for a price of $1.90 per share in cash.

"We're extremely pleased to announce that our acquisition of Ashworth is complete, and that our plans to integrate this great brand into the TaylorMade-adidas Golf Company are taking shape," said Mark King, TMaG president and CEO. "We are confident that by working together and taking advantage of the many benefits that our parent company, the adidas Group, has to offer we can quickly make Ashworth a powerful asset to our company."

adidas Golf, based at TaylorMade-adidas Golf headquarters in Carlsbad, Calif., is known worldwide for high performance, technology-infused products like ClimaCool® tops and bottoms and ClimaStormTM outerwear. Ashworth, also based in Carlsbad, Calif., has set the standard in relaxed, lifestyle-oriented golf apparel for the past 20 years.

"We firmly believe that the adidas Golf and Ashworth brands are unique and complementary," said John Kawaja, executive vice president of adidas Golf. "The alliance of these two brands gives us a powerful portfolio of products that appeal to a wide range of ages, preferences and player types. We plan to make use of all of our resources, including those of our parent company, the adidas Group, to reinvigorate the Ashworth brand and make it a vital part of how we go to market and a catalyst to greater success for our company."

At the expiration of the offer at midnight EST on November 18, 2008, approximately 10,934,097 shares of Ashworth were tendered and accepted for purchase, representing approximately 74% of the outstanding shares of Ashworth common stock. TaylorMade-adidas Golf then exercised its top-up option under the merger agreement to bring its ownership to 90% and enable it to complete the acquisition through a short-form merger under Delaware law.

As a result of the acquisition, Ashworth will become a wholly-owned subsidiary of TaylorMade-adidas Golf and any shares of Ashworth common stock not tendered will be cancelled and converted into the right to receive the $1.90 in cash per share to be paid in the tender offer, without interest and less any required withholding taxes.

Following the completion of the acquisition, Ashworth’s financial results will be consolidated within the adidas Group as of November 20, 2008 and will be reported in the TaylorMade-adidas Golf business segment. In connection with the transaction, Barclays Capital acted as financial advisor to the adidas Group and Sheppard Mullin Richter & Hampton served as legal counsel.