Herzogenaurach / Carlsbad, California - The adidas Group and Ashworth, Inc. (NASDAQ: ASHW) announced today that the TaylorMade-adidas Golf business segment has entered into a definitive agreement to acquire all of the outstanding shares of Ashworth, Inc. for $1.90 per share in cash.

The transaction value is $72.8 million (€54.1 million), which includes the assumption of $46.3 million (€34.4 million) of Ashworth debt based on Ashworth, Inc.'s 10-Q for the period ended July 31, 2008.[1] The transaction will be effected through a tender offer to be launched shortly by a subsidiary of Taylor Made Golf Company, Inc. ("TaylorMade-adidas Golf") for all outstanding Ashworth shares. The tender offer will be subject to, among other things, the condition that at least a majority of the outstanding Ashworth shares are tendered.

Through the acquisition of Ashworth, TaylorMade-adidas Golf becomes the leading and most balanced golf apparel company with a complete apparel offering for golfers globally. The transaction enables TaylorMade-adidas Golf to widen its product range, to further strengthen its distribution platform and to extend its marketing presence.



The Board of Directors of Ashworth has approved the transaction. In addition, members of the Knightspoint Partners group who collectively own over 16% of Ashworth's outstanding shares have entered into an agreement whereby they have agreed to tender their shares. The Knightspoint Partners group represents the largest reporting shareholder group of Ashworth.

The adidas Group plans to finance the acquisition with cash on hand or through existing credit lines. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter 2008.