Why Callaway Golf Stock Shot a Double Bogey Today

Shares of Callaway Golf (NYSE: ELY) were down 21% as of 2:10 p.m. EDT today, after the company provided preliminary third-quarter results and announced a deal to acquire Topgolf Entertainment.

Callaway, which already owns 14% of Topgolf, will acquire the golf entertainment company in an all-stock transaction valuing Topgolf at approximately $2 billion. 

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Source Fool.com