MODG announced that its board of directors will pursue a separation plan to spin off its Topgolf venue business from the legacy Callaway golf equipment and smaller branded apparel businesses. The transaction will be tax-free to shareholders and the company, likely issuing shares to a new, standalone public company to all MODG shareholders. It’s also possible, the company said, that it will pursue other options, such as a sale, in an effort to maximize shareholder value. Assuming the spin-off goes ahead, the company expects that it would occur in the second ... Log in to view full article.