11:23 AM EDT, 03/20/2024 (MT Newswires) -- Topgolf Callaway Brands ( MODG ) shares were up nearly 12% in recent trading on Wednesday following reports that the company is exploring a sale, Bloomberg News reported, citing South Korean newspaper the Chosun Daily.

The golf brand is valued at about $2.98 billion, according to the report.

Topgolf shareholders including BlackRock Advisors, Providence Equity Partners and founder of Dundon Capital Partners Thomas Dundon have picked a lead manager for the sale of their stakes and management rights, the report added.

Topgolf, BlackRock, Dundon Capital and Providence did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 16.05, Change: +1.65, Percent Change: +11.50