Amid legal action: F&F eyes acquisition of TaylorMade
The company has appointed Goldman Sachs as its exclusive financial advisor to look into a takeover of TaylorMade, noting that it was assessing an 'array of strategic pathways while strengthening its stance to safeguard its investment interests' in the golf apparel and equipment retailer.
Last month, F&F said it intended to explore pursue legal options against Centroid, after claiming that its fellow South Korean investor had 'unilaterally' initiated a sale of TaylorMade 'without obtaining F&F's prior consent'.
The two firms had joined to take ownership of the brand back in 2021, with F&F retaining a 49.51 percent stake and 'key contractual rights', as stated in a press release regarding the ongoing dispute.
F&F had said that its intent from the outset was to eventually acquire TaylorMade in its entirety, and as such, Centroid's decision to prompt a sale of the brand caused 'serious concerns'.
In its latest announcement, F&F doubled down on its initial plans, while adding that, independent of its acquisition plans, it was 'prepared to deploy all available legal and contractual measures to hold Centroid accountable for its violations'.
In a statement, the company said: 'We are methodically preparing to exercise our Right of First Refusal (ROFR), should circumstances warrant, to ensure alignment with our original investment thesis. Our engagement with Goldman Sachs equips us to execute a disciplined and impactful strategy to successfully acquire TaylorMade.'
FashionUnited has contacted Centroid with a request to comment.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
a day ago
- Reuters
South Korea officials to meet US commerce secretary again for tariff talks
SEOUL, July 25 (Reuters) - South Korea's Industry Minister Kim Jung-kwan and top trade envoy Yeo Han-koo will meet U.S. Commerce Secretary Howard Lutnick in Washington again on Friday in a bid to move closer to a deal on tariffs, South Korea's presidential office said. The three met on Thursday and reaffirmed their commitment to reach a deal on tariffs by the August 1 deadline, said Kim Yong-beom, policy chief of the South Korean presidential office. During the meeting in Washington, they discussed the importance of cooperation on strategic manufacturing sectors such as shipbuilding and chips and agreed to draw up a "mutually beneficial" agreement, the policy chief told a briefing. "Our side emphasized the importance of manufacturing cooperation between the two countries and strongly requested the United States to ease tariffs on individual items such as automobiles and reciprocal tariffs," he said. Industry minister Kim and trade minister Yeo have been in Washington amid intense efforts by Seoul to reach a deal, which an official said were at the "critical final phase." Kim earlier met U.S. Energy Secretary Chris Wright and Yeo planned to hold talks with U.S. Trade Representative Jamieson Greer, the industry ministry said. Pressure on South Korea heightened this week after Japan clinched a deal with the United States, which U.S. President Donald Trump said would see Tokyo allowing greater market access for American products including autos and some agricultural products. South Korea's agricultural sector was part of the latest negotiations, according to the presidential office. The sector is important due to opposition from both farmers and the broader public to agricultural imports, amid concerns about food security and protection of the local farming community. Lutnick indicated U.S. officials were fully aware of the urgency felt by South Korean officials to get a deal, especially after Trump announced the agreement with Japan. "You can hear the expletives out of Korea when they read the Japanese deal," Lutnick said on CNBC on Thursday ahead of his meeting with Kim. "They very, very much want to make a deal," he said, referring to South Korea. Some top Seoul officials thrown into the high-stakes negotiations have been in their jobs for less than a week after new President Lee Jae Myung only recently completed his cabinet lineup. South Korea and Japan compete in areas such as autos and steel, and Japan's deal was seen by investors as a benchmark for the type of agreement Seoul should target in negotiations, analysts have said. In a blow to efforts to reach a deal, South Korea's Finance Minister Koo Yun-cheol's plan to meet U.S. Treasury Secretary Scott Bessent on Friday was postponed. The South Korean side said they were informed about the cancellation only 90 minutes before Koo was set to depart for Washington on Thursday, with the U.S. attributing the move to a scheduling conflict for Bessent. Seoul will propose to Washington an investment package plan worth at least $100 billion, which would involve major South Korean conglomerates like Samsung and Hyundai Motor Group, the Yonhap News Agency has reported. President Lee met Samsung Electronics Chairman Jay Y. Lee on Thursday and has also held talks with other business leaders, including the heads of SK Hynix, Hyundai Motor and the LG conglomerate to discuss global trade and investing in the U.S., his office said. South Korean companies are expected to be partners of the government in any investment package offered to the United States. Japan pledged a $550 billion package of investment and loans as part of its trade deal, which Lutnick said would be used "at Donald Trump's discretion." In an apparent move to calm concerns about South Korea failing to reach a deal, presidential officials in Seoul said talks were still under way "to the maximum extent possible".
Reuters
a day ago
- Reuters
Kia aims to win US market share as tariffs force rivals to pull back
SEOUL, July 25 (Reuters) - South Korea's Kia Corp ( opens new tab said on Friday that it aims to increase its U.S. sales and market share in the second half, driven by sales of new hybrid and gasoline vehicles and as some rivals are expected to raise prices to cope with tariffs. Kia, which together with affiliate Hyundai Motor ( opens new tab ranks as the world's no. 3 carmaker, said its operating profit in the second quarter slumped by a quarter as it took a hit of 786 billion won ($570 million) from U.S. tariffs and warned of a bigger blow in the second half. Still, it increased April-June U.S. sales by 5% as consumers brought forward some car purchases due to concerns that U.S. tariffs would lead to higher vehicle prices. Kia also credited solid sales of its new Carnival hybrid sport utility vehicles for the rise. It said it aimed to increase its U.S. sales by 7% to 8% in the second half of the year even as overall auto sales in the U.S. market are expected to slump by 10%, leading to a gain in market share to over 6% from 5.1% in the first half. It expects Carnival and K4 small car sales to drive the gains while some Japanese automakers are raising prices. While Kia and Hyundai import about two-thirds sold in the U.S. market, making them more exposed to U.S. tariffs than major rivals, Kia said on Friday that it has not yet made detailed plans to raise prices, instead focusing on growing its U.S. business. "We believe that we will be able to use the difficult environment as a good opportunity to level up (our market share and sales), and that's Kia's strength," Kia chief financial officer Kim Seung-jun said during a conference call. Samsung Securities analyst Esther Yim said Kia's strategy to boost sales of hybrids, which are imported from South Korea, could weigh on its profit, but that could be in part offset by Kia's efforts to limit the impact. To mitigate tariffs' effects, Kia's South Korean factories will divert some of its shipments from the United States to other markets, such as Canada, the carmaker said. Kia also said its U.S. factory in Georgia aims to shift some electric vehicle production to other vehicles like Sportage, Sorento and Telluride, as the United States is set to end its EV subsidies at the end of September. Kia shares were down 0.9%. ($1 = 1,378.0800 won)
Daily Mirror
a day ago
- Daily Mirror
Best back-to-school uniform savings as Tesco F&F announces big sale information
If you want to get a head start on organising the kids' back-to-school uniforms, these are some of the most affordable places to shop including Tesco's huge limited time sale offer They might only just be breaking up from school for the summer, but it's never too early to start getting prepared for their first term back in a new school year. Rather than leaving it to a last minute scramble around the shops in September, now is a great time to stock up on their uniform essentials so you don't need to worry about it for the rest of the holidays. So to help you save money, we've rounded up some of the most affordable places to pick up school uniforms this summer, including a limited time offer from F&F at Tesco which lets you save even more. F&F at Tesco One reason now is the perfect time to order their new term uniforms is thanks to Tesco's F&F, which has just launched a huge 25% off sale for a limited time. Running until Sunday July 27, Clubcard holders can take advantage of the offer both in store and – for the first time ever – online, too. The sale includes staples like shirts, trousers, jumpers and dresses, down to those often-forgotten items like socks and tights. You can even pick up new school shoes in the sale. TU Clothing at Sainsbury's Sticking to supermarket saviours, TU at Sainsbury's is another great place to pick up affordable school uniforms. Whilst it's not running a sale right now, the prices of its back to school range are locked for the third year in a row, so you'll still be paying the same prices that you did back in 2022. All of TU's uniforms have been carefully created to be as durable and long lasting as possible (because it's inevitable that little ones are going to get a little grubby at some point). The fabrics come with reinforced knees to prevent rips and tears, scuff-resistant coatings on shoes, and promise to maintain witness and colour brightness for at least 20 washes. George at ASDA George at ASDA is another great place for affordable school uniforms, and they cater for all stages of school life from primary school up to sixth form. Plus, they have a whole range of 'Easy on, easy wear' pieces that have been designed with features like easy-fastening hook and loops to support independent dressing and sensory needs, keeping them happy and comfortable all day long. Marks & Spencer M&S has had its school uniform prices locked since 2021, which means you'll be getting a great deal on all of its back to school essentials. Items have been designed and treated to be easy to iron, weatherproof and stain resistant, not to mention they're adjustable so they can grow with your kids throughout the school year. Trousers have an adjustable waistband for added comfort which can be extended to accommodate growth spurts. They're also cut with regular, straight legs and grow-proof hems that can be let down by an extra 3cm to ensure they last all year. If you want to really stock up on your kids uniform essentials, Next's multipacks are perfect for making sure you've always got a spare shirt or skirt ready to go so you don't need to be constantly running a wash cycle. You can pick up a five pack of short sleeve shirts for £23-£37, which works out at just £4.60 per shirt. You can also pick up some new school shoes, as well as uniforms to suit all seasons and rules. From boys shorts and trousers, to girls trousers, skirts and dresses, short and long sleeved shirts, and sweatshirts and cardigans.
