Stockholder’s Challenge to Callaway Merger With TopGolf Dropped

A stockholder voluntarily dropped his lawsuit challenging Callaway Golf Co.'s merger with TopGolf International Inc. almost three months after the merger was completed.

Jerome Anderson gave no reason for dismissing the case in his motion filed Wednesday in the U.S. District Court for the Southern District of California, and his counsel didn’t respond to a request for comment.

Callaway and TopGolf on March 8 announced the merger was completed following approval by the shareholders of both companies.

Under the terms of the merger agreement, Callaway issued about 90 million shares of its common stock to the shareholders of Topgolf. Following ...