Jana Partners, controlled by Barry Rosenstein, has accumulated a 8,671,810 ELY shares, a 9.22% stake, and will make a case to the company’s board that it should sell itself or divest recently acquired Jack Wolfskin, which it warned would have disappointing revenues this year. Callaway shares, which have languished since it issued conservative guidance in its first quarter reporting, jumped almost 15% on the announcement. Rosenstein said that he believes ELY shares are undervalued, and plans to initiate a discussion with its board and discuss strategies for enhancing shareholder value, including selling some or all of the company. The company ... Log in to view full article.