(Bloomberg) — Topgolf Callaway Manufacturers Corp. refuted an earlier report that mentioned it was exploring a sale of its golf-equipment arm, saying it was unaware of any of talks to promote the enterprise.Most Learn from BloombergShares closed increased by 8.8%, down from an earlier 15% surge, the largest intraday soar since Might 2022. The Chosun Every day had reported {that a} South Korean investor was amongst these involved in an acquisition — after the corporate separated out Topgolf. Patrons need to purchase the Callaway Golf enterprise in a possible deal valued at almost $3 billion, the information outlet reported, citing sources within the funding banking business.Topgolf Callaway mentioned in a press release that it determined to reply to the report due partly to “uncommon market exercise.”The golf business has struggled to carry onto a pandemic growth within the sport. Three years in the past, Callaway Golf Co. closed on its acquisition of the rest of Topgolf Leisure Group it didn’t already personal in a deal that valued the driving-range chain at about $2 billion. Earlier than Wednesday, the California-based firm had seen its share worth break up in half following the March 2021 closing.Nonetheless, the uncertainty has carried out little to discourage some traders. Seoul-based Centroid Funding Companions — which owns TaylorMade, the corporate Tiger Woods is partnering with for an attire line — mentioned in February it was elevating a $500 million fund for a brand new US acquisition.(Updates inventory transfer and chart.)Most Learn from Bloomberg Businessweek©2024 Bloomberg L.P.