IMAGE SOURCE: CLUBCORP HOLDINGS INC.
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Shares of ClubCorp Holdings Inc. (NYSE: MYCC) jumped 15.7% Thursday after reports stating the private golf and country-club specialist is considering strategic alternatives.
Following a Reuters report early in the day that ClubCorp is in the early stages of selling itself, ClubCorp effectively confirmed the news in a press release saying it is "reviewing strategic alternatives."
ClubCorp has formed a strategic review committee to tackle the task, and has enlisted Jefferies and Wells Fargo Securities as financial advisors during the process.
To be fair, this doesn't guarantee a sale, as ClubCorp also stated the committee's focus will be "on opportunities to further unlock the value inherent in the company [and] maximizing value for all shareholders."
I'm not particularly anxious to dive in immediately after today's pop, as anything short of a sale will likely send shares right back down to where they were before the news broke. But with shares still well below ClubCorp's 2015 highs, I can't blame investors for bidding ClubCorp stock up today.
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