02:45 PM EDT, 03/20/2024 (MT Newswires) -- Topgolf Callaway Brands ( MODG ) confirmed Wednesday it is not aware of any discussions of a potential sale of the company, or its golf equipment business.

"We do not intend to comment further on this topic and we assume no obligation to make any further announcement or disclosure should circumstances change," the company said in a statement.

Topgolf shares surged more than 15% intraday following reports by South Korean newspaper the Chosun Daily indicating that its major shareholders such as BlackRock Advisors, Providence Equity Partners, and Thomas Dundon, founder of Dundon Capital Partners, are considering a sale of their stake.

Topgolf shares were up 6% in most recent trading.

Price: 15.25, Change: +0.86, Percent Change: +5.98