ClubCorp Provides Update on Review of Strategic Alternatives
April 12 2017 - 6:55AM
ClubCorp – The World Leader in Private Clubs® (NYSE:MYCC) – today
provided an update on its review of strategic alternatives, which
was announced on January 12, 2017.
After a careful and thorough evaluation, the Company’s Board of
Directors has unanimously determined not to pursue a strategic
transaction at this time, and to continue executing its
three-pronged growth strategy focused on organic growth,
reinvention and acquisitions. The Board’s Strategic Review
Committee, along with the Board’s independent financial and legal
advisors, conducted a robust and thorough process, which included
discussions with a wide array of potential counterparties regarding
an outright purchase of, potential investments in, partnerships
with, and/or asset purchases from the Company. The Strategic Review
Committee remains in place and continues to discuss opportunities
to enhance shareholder value.
John Beckert, Chairman of the Board, said, “Under the leadership
of the Strategic Review Committee, and with the assistance of our
financial and legal advisors, the Board conducted a comprehensive
process and considered a wide range of alternatives. 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.”
Based in Dallas, Texas, ClubCorp is a leading owner-operator of
private golf and country clubs and private business clubs in North
America. The Company finished fiscal year 2016 with record revenue
and EBITDA and its sixth consecutive year of growth. ClubCorp has
completed 89 total club reinventions and seven club acquisitions
since the beginning of 2016. The Company has also continued to gain
momentum with the ongoing expansion of the O.N.E. benefits
program.
About ClubCorp (NYSE: MYCC)Since its founding
in 1957, Dallas-based ClubCorp has operated with the central
purpose of Building Relationships and Enriching Lives®. ClubCorp is
a leading owner-operator of private golf and country clubs and
private business clubs in North America. ClubCorp owns or operates
a portfolio of over 200 golf and country clubs, business clubs,
sports clubs, and alumni clubs in 27 states, the District of
Columbia and two foreign countries that serve over 430,000 members,
with approximately 20,000 peak-season employees. ClubCorp Holdings,
Inc. is a publicly traded company on the New York Stock Exchange
(NYSE:MYCC). ClubCorp properties include: Firestone Country Club
(Akron, Ohio); Mission Hills Country Club (Rancho Mirage,
California); The Woodlands Country Club (The Woodlands, Texas);
Capital Club Beijing; and Metropolitan Club Chicago. You can find
ClubCorp on Facebook at facebook.com/clubcorp and on Twitter at
@ClubCorp.
Important Additional Information and Where to Find
ItThe Company, its directors and certain of its executive
officers and employees may be deemed to be participants in the
solicitation of proxies from stockholders in connection with the
Company’s 2017 annual meeting of stockholders (the “2017 Annual
Meeting”). The Company plans to file a proxy statement with the SEC
in connection with the solicitation of proxies for the 2017 Annual
Meeting (the “2017 Proxy Statement”), together with a WHITE proxy
card. STOCKHOLDERS ARE URGED TO READ THE 2017 PROXY STATEMENT
(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER
RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC
CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY
WILL CONTAIN IMPORTANT INFORMATION. Additional information
regarding the identity of these potential participants and their
direct or indirect interests, by security holdings or otherwise,
will be set forth in the 2017 Proxy Statement and other materials
to be filed with the SEC in connection with the 2017 Annual
Meeting.Stockholders will be able to obtain, free of charge, copies
of the 2017 Proxy Statement, any amendments or supplements thereto
and any other documents (including the WHITE proxy card) when filed
by the Company with the SEC in connection with the 2017 Annual
Meeting at the SEC’s website (http://www.sec.gov) or via the
Company’s Investors section of the ClubCorp website at
ir.clubcorp.com. In addition, copies of the proxy materials, when
available, may be requested from the Company’s proxy solicitor,
MacKenzie Partners, Inc., 105 Madison Avenue, New York, NY 10016 or
toll-free at (800) 322-2885 or by email:
ClubCorp@mackenziepartners.com. Special Note on
Forward-Looking StatementsIn addition to historical
information, this press release contains statements relating to
future results that are “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
which are subject to the “safe harbor” created by those sections.
These forward-looking statements can be identified by the fact that
they do not relate strictly to current or historical facts and
often include words such as “plans”, “expect”, “intend”, “will”,
“estimate”, “believe” or “continue”, or the negatives of these
terms or variations of them or similar terminology in this press
release to identify forward-looking statements. All statements,
other than statements of historical facts included in this press
release, including statements concerning plans, goals, beliefs,
future events trends and other information are forward-looking
statements. The forward-looking statements are not historical
facts, and are based upon current expectations, estimates and
projections, and various assumptions, many of which, by their
nature, are inherently uncertain and beyond management's control.
All expectations, beliefs and projections are expressed in good
faith and the Company believes there is a reasonable basis for
them. However, there can be no assurance that management's
expectations, beliefs and projections will result or be achieved
and actual results may vary materially from what is expressed in or
indicated by the forward-looking statements. These forward-looking
statements are subject to a number of risks and uncertainties that
could cause actual results to differ materially from the
forward-looking statements contained in this press release,
including among others: changes in the business environment in
which the Company operates, the availability and attractiveness of
potential strategic opportunities, the behavior of the Company’s
competitors and other risks, uncertainties and factors set forth in
the sections entitled “Risk Factors” and “Cautionary Statement
Regarding Forward-Looking Statements” in the Company's Annual
Report on Form 10-K for the fiscal year ended December 27, 2016,
which is on file with the Securities Exchange Commission (“SEC”).
Although the Company believes that these statements are based upon
reasonable assumptions, it cannot guarantee future results and
readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's opinions
only as of the date of this press release. Except as required by
law, the Company undertakes no obligation to update or revise
forward-looking statements to reflect new information or events or
circumstances that occur after the date of this press release or to
reflect the occurrence of unanticipated events or otherwise.
Readers are advised to review the Company's filings with the SEC
(which are available from the SEC's EDGAR database at www.sec.gov
and via the Company's website at ir.clubcorp.com).
Investor Relations:
ClubCorp Investor Relations
972-888-6206
Media Relations:
Joele Frank
Andrew Siegel / Jonathan Keehner
212-355-4449
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