A group of investors from Hong Kong and Abu Dhabi is readying an around $1.7 billion euro ($2.2 billion) bid to buy sportswear maker Reebok from Adidas, according to the Wall Street Journal.
Hong-Kong based private equity fund Jynwel Capital and funds affiliated with the government of Abu Dhabi plan to send a letter to Adidas proposing the deal imminently, people close to the matter told the Journal.
They are expected to make the case for the deal on the grounds that Reebok would be better off in the longer-run if it were managed independently, the report said.
If the bid is accepted, it would end an eight-year-old marriage of sneaker-makers that has yielded disappointing results.
When contacted by CNBC, a spokesperson for Jynwel Capital said via email, "We continually evaluate unique investment opportunities globally but we don't comment on rumors or speculation."
Adidas also said it would not comment on "rumors and speculation."
To read more about the deal, check out the WSJ article.