The jaw dropping news of the day…
Adidas to buy Reebok for $3.8B
The world’s second- and third-biggest sports goods companies said on Wednesday Adidas would buy the outstanding shares of Reebok for $59 per share in cash, a 34 percent premium to Reebok’s closing share price on Tuesday.
The combination will create a more formidable competitor to battle Nike’s dominance of the market for athletic gear, particularly in the United States, which accounts for 50 percent of the sports footwear market alone.
