F&F expressed its opposition to the sale of the global golf brand 'TaylorMade.' It has stated that it invested with the premise of acquisition from the beginning and will not hesitate to take legal action against Centroid PE, which has begun the sale process without consent.
On the 24th, F&F issued an official statement saying, “As the largest shareholder, we made a strategic investment with the premise of acquisition from the outset, and this direction remains unchanged.”
When investing in 2021, F&F secured key rights such as preemptive rights and rights of first refusal, committing to an investment with the premise of acquiring TaylorMade. The amount invested by F&F in the Centroid fund amounts to 558 billion won.
However, recently, Centroid PE, the largest shareholder of TaylorMade, announced that it would complete the sale within the year by sending investment prospectuses to major acquisition candidates. The company clarified that F&F did not receive prior consent in this process.
F&F stated, “The preemptive rights and rights of first refusal are contractual mechanisms aimed at achieving the acquisition of TaylorMade for investment purposes,” and emphasized, “Nonetheless, we will take all possible contractual and legal measures to hold Centroid accountable for proceeding with the sale of TaylorMade without F&F's consent.” The company added, “We will mobilize all our capabilities to achieve our initial investment objective.”