Adidas shortlists bidders in Reebok sale -sources
Boards with Reebok store logo are seen on a shopping center at the outlet village Belaya Dacha outside Moscow, Russia, April 23, 2016. REUTERS/Grigory Dukor/File Photo
FRANKFURT, July 1 (Reuters) – Adidas (ADSGn.DE) has drawn up a shortlist of bidders for its Reebok brand as it seeks to draw a line under an ill-fated investment that never lived up to the German sporting goods company’s expectations, sources close to the matter said.
U.S. rival Wolverine (WWW.N), which has partnered with brand transformation specialist Authentic Brands Group, has been asked to submit a final bid in August, as have buyout firms Advent, CVC, Cerberus and Sycamore, the sources said.
Adidas bought U.S. fitness label Reebok for $3.8 billion in 2006 to help to compete with arch-rival Nike (NKE.N), but its sluggish performance led to repeated calls from investors to dispose of the brand, which is now expected to fetch up to 1 billion euros ($1.2 billion).
The prospective bidders also declined to comment or were not immediately available for comment.
Reporting by Arno Schuetze and Alexander Hubner Editing by David Goodman
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