FRANKFURT (Reuters) - Adidas 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, 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 in2006 to help to compete with arch-rival Nike, but itssluggish performance led to repeated calls from investors todispose of the brand, which is now expected to fetch up to1 billion euros ($1.2 billion).
Adidas declined to comment.
The prospective bidders also declined to comment or were not immediately available for comment.
($1 = 0.8441 euros)
Reporting by Arno Schuetze and Alexander Hubner; Editing by David Goodman
Source: Reuters