Less than a month after announcing it would split into three separate businesses to focus entirely on distilled spirits, Titleist and Foot Joy parent Fortune Brands has reportedly tapped Morgan Stanley to oversee an auction of its golf business that generates annual EBITDA of approximately $120 million and could fetch 10-11x that in a sale, according to unnamed sources who spoke to Bloomberg. The news service speculated that Nike, Adidas, and Srixon parent Sumitomo Rubber Industries are potential suitors for the golf unit but couldn’t get any of them to comment.

We would question whether either Nike, in particular, would invest ... Log in to view full article.