NEW YORK: An investor group that includes Jynwel Capital and funds affiliated with the Abu Dhabi government is launching a bid to buy Reebok from Adidas AG for about US$2.2 billion (RM7 billion), the Wall Street Journal reported on Sunday.
Jynwel Capital, a Hong Kong-based private equity investment and advisory firm run by Jho Low, and the Abu Dhabi government-affiliated funds planned to make the offer imminently in a letter to Adidas directors, the Journal reported.
The investors are expected to argue that Reebok would do better if it were managed independently, the Journal reported.
A Jynwel Capital spokesperson said: “We continually evaluate unique investment opportunities globally but we don’t comment on rumours or speculation.”
The investors believe Reebok will benefit from management and ownership that would be better able to focus on improving Reebok’s business in the United States, outside the scrutiny of public shareholders, but want to maintain Reebok’s current strategic path and keep its top executives, the Journal reported.
The investor group also wanted to give Reebok more financing for marketing and store rollouts, the Journal reported. Reuters