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This is my thought as well, I mean the stock was up today but it didn't hit a high.This doesn't look like a great thing for the current version of Callaway.
Read this excerpt from an article;
“Jana said it hopes to use its 9.22% stake, which was acquired as of June 3, to "exert negative control over the important corporate actions" of Callaway and propose new members to its board. Jana also said it may also wish to build a bigger stake, or completely acquire, the Carlsbad, California-based group. It may also move to sell it completely.”
Guess I don’t know enough about how this all works, but that paragraph above doesn’t sound the best
Looks like the investors think Callaway screwed up buying Jack Wolfskin and possibly OGIO and Travis Matthew and that the company should stay focused on their core business of golf. They seem to especially be targeting the Jack Wolfskin purchase and wanting the company to sell that asset as it doesn't match Callaway's business at all and Wolfskin is performing poorly and weighing down Callaway earnings.
https://www.bizjournals.com/newyork/news/2019/06/14/new-york-activist-investor-is-taking-a-swing-at.html?ana=yahoo&yptr=yahoo