By Robert Roy Britt — Despite rumors that Anthem Golf & Country Club is for sale, it’s not, said Patty Jerde, a spokesperson for ClubCorp, which owns the facility. However, the publicly traded ClubCorp was looking for a buyer for the entire company earlier this year.
“ClubCorp announced in January that its Board of Directors had formed a Strategic Review Committee,” Jerde said in an email Thursday, referring to a press release Jan. 12 in which ClubCorp said the committee was “focusing on opportunities to further unlock the value inherent in the company. The committee is evaluating opportunities with a focus on maximizing value for all shareholders.”
That was interpreted as an attempt to sell the corporation, prompting a few readers to contact In&Out questioning a potential sale.
Reuters reported Jan. 12 that ClubCorp was “in the early stages of an auction process that has attracted the interest of potential buyers that include private equity firms.” ClubCorps’ stock price (NYSE: MYCC) rose on the news.
Then earlier this month, ClubCorp released a follow-up statement indicating it was no longer actively pursuing a sale. “After a careful and thorough evaluation, the company’s Board of Directors has unanimously determined not to pursue a strategic transaction at this time,” according to the April 12 statement.
ClubCorp’s stock price promptly fell, and today its shares were trading 12 percent below the April 11 price.
Jerde told In&Out that the company is “continuing with its three-prong growth strategy—organic growth, acquisition, and reinvention—which we’re happy to report includes continued ownership and operation of Anthem Golf & Country Club.”
However, John Beckert, ClubCorp’s Chairman of the Board, indicated that nothing is off the strategic table:
“While we did not receive a purchase proposal for the entire company, the strategic review process has been useful in identifying opportunities and potential partners, and our Strategic Review Committee and Board will continue to consider all available alternatives to enhance value for shareholders,” Beckert said.
ClubCorp owns or operates more than 200 golf and country clubs and other clubs in 27 states, the District of Columbia and two foreign countries, according to its website. The company has long had an aggressive acquisition strategy, having bought 11 golf courses since 2010.
Editor’s Note: This story, originally published April 20, has been updated April 21 to include information about ClubCorp’s efforts to sell the company.