// Adidas asks bidders for its Reebok brand to submit final bids by August
// Adidas bought Reebok in 2006 for £2.7bn
// Wolverine, Advent, CVC, Cerberus and Sycamore have been asked to submit a final bid
Adidas has drawn up a shortlist of bidders as it plans to sell Reebok after acquiring the brand 15 years ago.
The sportswear retailer has asked brands Wolverine, Advent, CVC, Cerberus and Sycamore to submit a final bid by August.
Adidas bought Reebok in 2006 for $3.8 billion (£2.7 billion) and is now weighing options for the brand, which is thought to be worth about $1.2 billion (£864 million).
READ MORE: Adidas confirms plans to sell Reebok
“Reebok and Adidas will be able to significantly better realise their growth potential independently of each other,” Adidas chief executive Kasper Rorsted said.
“We will work diligently in the coming months to ensure a successful future for the Reebok brand and the team behind it.”
After Reebok returned to profitability in 2019, Rorsted sought to help it generate sales growth with new footwear lines such as the CrossFit Nano and the FloatRide Run.