Reports surfaced claiming shares of Puma jumped by nearly 5% as speculation grew its rival Adidas was preparing for a possible takeover.
Roy Adams, co-founder of US investment firm Metronuclear, told German business newspaper Handelsblatt, “Puma is in a state of emergency. If management fails to turn things around, a merger with Adidas is the best option.”
A spokesperson for Adidas declined to comment when approached by Just Style. Puma also refused to comment.
Yesterday (17 September) Manager Magazin, as cited by Reuters, said two investors are preparing a takeover bid – Authentic Brands CEO Jamie Salter and private equity firm CVC's German head Alex Dibelius have both expressed their interest in the 29% stake held by the Pinault family, paving the way for a potential bidding war, the German magazine claimed.
The news sent Puma’s share price up by 11%.
Authentic Brands declined to comment when approached by Just Style.
