Initial takeover offers for Fortune Brands' (FO.N) golf unit are expected to be submitted Friday by a range of bidders, including Adidas AG (ADSGn.DE), Nike Inc (NKE.N) and private equity firms, sources familiar with the situation said on Friday. Fortune Brands said in December it would split off its golf and home products units under pressure from activist investor William Ackman. [ID:nN12173104] The golf unit, which makes Titleist golf balls and clubs, as well as FootJoy shoes and gloves, had revenue of $1.24 billion and operating income of about $80.2 million in 2010.
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