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Jana Builds Stake in Callaway and Plans to Push for Sale

  • Activist fund has built 9.5% stake in sporting goods firm
  • Shares in company rise more than 16% on the news of stake
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Photographer: Ramin Talaie/Bloomberg

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Activist investor Jana Partners has built a stake in Callaway Golf Co. and is urging the sporting goods company to launch a strategic review, including exploring a potential sale.

The New York-based hedge fund run by Barry Rosenstein said in a regulatory filing Thursday that it bought 9.5% of Callaway Golf because it believes the shares are undervalued. Jana plans to hold discussions with management about ways to improve its performance, including selling all or part of the company.