Adidas Buys Reebok
In the "Um...WOW" category, Adidas said it would buy Reebok for $3.8 billion. Who new merger madness would hit the sneaker category. Adidas CEO and Chairman Herbert Hainer said in a statement, "We will expand our geographic reach, particularly in North America, and create a footwear, apparel and hardware offering that addresses a broader spectrum of consumers and demographics. With Reebok, we are advancing our position on the playing field of the sporting goods industry and are improving our financial strength to drive increased shareholder value." Watch out, Nike.