On April 23, 2016, boards with the Reebok store logo are spotted on a shopping center in the outlet hamlet Belaya Dacha outside of Moscow, Russia. REUTERS/File Photo/Grigory Dukor Reuters, FRANKFURT, July 1 – According to people familiar with the situation, Adidas (ADSGn.DE) 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 (WWW.N), which has collaborated with brand transformation specialist Authentic Brands Group, as well as buyout companies Advent, CVC, Cerberus, and Sycamore, has been requested to submit a final bid in August. Adidas paid $3.8 billion for Reebok in 2006 to help it compete with arch-rival Nike (NKE.N), but the brand’s slow performance prompted investors to push for its sale, which is 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. (Corrects a mistake in the headline) (1 dollar = 0.8441 euro) Arno Schuetze and Alexander Hubner contributed reporting.
David Goodman did the editing.
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