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Callaway Golf Shares Higher on Takeover Rumors

Callaway Golf (ELY) announced that its chairman, Ely Callaway, died today from cancer. B. Riley & Company said this news is rekindling takeover rumors and pushing the shares higher.

Analyst Brett Hendrickson told S&P MarketScope that some investors believe the golf products maker may be destined for a takeover given Mr. Callaway's death and the fact that ELY shares are trading well below the $30s-range enjoyed a few years ago. He does not personally expect a takeover, citing a potentially high premium that the ELY board might demand and his forecast for single digit earnings growth.

Nevertheless, the analyst notes that takeover rumors have surfaced before, with Nike (NKE) among the companies most often whispered as a possible suitor. For now, he is keeping his market outperform rating, $18.25 stock price target and $1.10 EPS estimate for 2001.

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