TaylorMade-adidas Golf Company Completes Acquisition of Ashworth, Inc.

11/20/2008, 9:00 AM (Source: GlobeNewswire)
Herzogenaurach / Carlsbad, California - The adidas Group announced
today that TaylorMade-adidas Golf successfully completed its tender
offer for the outstanding shares of Ashworth, Inc. (NASDAQ: ASHW) for
a price of $1.90 per share in cash.

At the expiration of the offer at midnight EST on November 18, 2008,
10,934,097 shares of Ashworth were tendered and accepted for
purchase, representing approximately 74% of the outstanding shares of
Ashworth common stock. TaylorMade-adidas Golf then exercised its
top-up option under the merger agreement to bring its ownership to
90% and enable it to complete the acquisition through a short-form
merger under Delaware law.

As a result of the acquisition, Ashworth will become a wholly-owned
subsidiary of TaylorMade-adidas Golf and any shares of Ashworth
common stock not tendered will be cancelled and converted into the
right to receive the $1.90 in cash per share to be paid in the tender
offer, without interest and less any required withholding taxes.

"We're extremely pleased to announce that our acquisition of Ashworth
is complete, and that we will now move forward to integrate this
great brand into the TaylorMade-adidas Golf Company," said Mark King,
President and CEO of TaylorMade-adidas Golf. "We are very confident
that by working together and taking advantage of the many benefits
that our parent company the adidas Group has to offer we can quickly
make Ashworth a powerful asset to our company."

Following the completion of the acquisition, Ashworth's financial
results will be consolidated within the adidas Group as of November
20, 2008 and will be reported in the TaylorMade-adidas Golf business
segment.

About the adidas Group
The adidas Group is one of the global leaders within the sporting
goods industry, offering a broad range of products around three core
segments adidas, Reebok and TaylorMade-adidas Golf. Headquartered in
Herzogenaurach, Germany, the Group has more than 37,000 employees and
generated sales of ¤ 10.3 billion in 2007.

About TaylorMade-adidas Golf
Headquartered in Carlsbad, California, TaylorMade-adidas Golf sells
golf clubs and balls under the TaylorMade brand and adidas Golf
footwear and apparel. TaylorMade-adidas Golf posted 2007 sales of ¤
804 million.

***

This press release is not an offer to purchase securities. The tender
offer was made pursuant to a tender offer statement and related
materials filed by adidas and TaylorMade with the U.S. Securities and
Exchange Commission (SEC), and a recommendation statement filed by
Ashworth with the SEC. These materials were also mailed to all
Ashworth stockholders of record.

***

Contacts:


Media Relations Investor
Relations
Jan Runau Natalie M. Knight
Chief Corporate Vice President
Communications Officer Investor
Relations
Tel.: +49 (0) 9132 84-3830 Tel.: +49 (0)
9132 84-2187

Anne Putz John-Paul O'Meara
Head of Corporate PR Senior Investor
Relations Manager
Tel.: +49 (0) 9132 84-2964 Tel.: +49 (0)
9132 84-2751

Kirsten Keck Dennis Weber
Corporate PR Manager Investor
Relations Manager
Tel.: +49 (0) 9132 84-6207 Tel.: +49 (0)
9132 84-4989


Please visit our corporate website: www.adidas-Group.com


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

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