1 minute ago by Reuters1 minute ago by Reuters1 minute ago by Reuters1 ReadFILE PHOTO: Reebok store brand boards are seen on a shopping center in Belaya Dacha, Russia, on April 23, 2016. REUTERS/File Photo/Grigory Dukor (Corrects typographical error in headline) Reuters – FRANKFURT (Reuters) – According to people familiar with the situation, Adidas has compiled a shortlist of bids for its Reebok brand in order to put an end to an ill-fated investment that failed to meet the German sporting goods company’s expectations. According to the sources, Wolverine, which has collaborated with brand transformation specialist Authentic Brands Group, as well as buyout companies Advent, CVC, Cerberus, and Sycamore, have been invited to submit a final bid in August. Adidas paid $3.8 billion for Reebok in 2006 to help it compete with arch-rival Nike, but the brand’s slow performance prompted repeated calls from investors to sell it, with the brand now anticipated to fetch up to 1 billion euros ($1.2 billion). Adidas did not respond to requests for comment. The potential bidders also declined to speak or were unavailable for remark right away. (1 dollar = 0.8441 euro) Arno Schuetze and Alexander Hubner contributed reporting, while David Goodman edited the piece./n
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