Golfsmith to Be Acquired by Golf Town

Golf Town and Golfsmith International Holdings announced that they've signed a definitive merger agreement, pursuant to which Golf Town will acquire Golfsmith, for $6.10 per share in cash. This represents a premium of 32.2 percent to Golfsmith stockholders based on the volume-weighted average closing prices of the company common stock on the 30 trading days immediately preceding this announcement. The closing of the acquisition is expected to occur in the third quarter of 2012. Upon the closing of the transaction, Martin Hanaka will assume the role of CEO of the combined company.