Topgolf Callaway (NYSE:MODG) stock is on the rise Wednesday after reports spread that the golf equipment company is selling itself.
According to these reports, major stockholders in the company have come together to sell their shares of MODG stock. That includes Blackrock Advisors LLC, Providence Equity Partners LLC and Thomas Dundon.
Getting further into this news, the reports state that Topgolf Callaway will split with this sale. That would result in Topgolf being spun off into its own business. This would also have the Callaway Group sold for an estimated $2.98 billion.
This report comes from South Korean newspaper The Chosun Daily. Investors will want to keep in mind that no other major media outlet has confirmed the report, Seeking Alpha notes.
MODG Stock Market Movement on Wednesday
Today’s report brings with it heavy trading of MODG stock. That has more than 4.9 million shares changing hands as of this writing. This is well above its daily average trading volume of about 2.7 million shares.
MODG stock is up 11.7% as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
