Topgolf, Callaway to go solo
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 5 September 2024
⏱️ 6 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to See King Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:08.0 | Good morning. Today is Thursday, September 5th, I'm Julie Morgan. |
| 0:13.2 | Top Golf Callaway is splitting up. |
| 0:15.6 | Beyond Meat is coming out with a new product, |
| 0:18.4 | and things appear to be slowing down at Jeep. |
| 0:22.3 | Top Golf Callaway brands announced late on Wednesday that its board approved a plan to split the company into two independent entities. |
| 0:30.0 | Callaway will be a golf equipment and active lifestyle business while Top Golf will trade as a high-growth pure play venue-based golf entertainment business. |
| 0:40.0 | The company plans a spin-off of the Top Golf business to shareholders in a transaction |
| 0:45.4 | that is intended to be tax-free to both the company and its shareholders for |
| 0:49.9 | U.S. federal income tax purposes. |
| 0:52.4 | Top Golf Calloway said in a statement that U.S. Federal Income Tax Purposes. |
| 0:52.6 | Top Golf Calloway said in a statement that while the company expects a spin-off of Top Golf |
| 0:58.0 | into a standalone public company is the most likely separation path. |
| 1:02.6 | They'll continue to evaluate other options for separation |
| 1:06.7 | to maximize shareholder value. |
| 1:08.9 | Pre-market Top Golf Calloway is up nearly 6%. |
| 1:13.0 | Beyond Meat will launch a whole muscle steak alternative |
| 1:17.0 | that will mimic the taste and texture of a fillet. |
| 1:21.0 | CEO Ethan Brown told C. NBC that the new launch is expected to include a partnership |
| 1:26.7 | with a healthier restaurant chain, as opposed to their earlier strategy for partnering |
| 1:31.6 | with fast food chains like McDonald's. |
| 1:34.4 | Although he did not mention when the new product, which will be priced at a premium, will be launched. |
... |
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