Reebok holders approve $3.8 bn adidas-Salomon takeover

26 Jan '06

1 min read

Athletic shoe manufacturer Reebok International Ltd announced that at a special meeting of shareholders held yesterday, Reebok's shareholders approved the company's previously announced merger agreement with adidas-Salomon AG. More than 98 percent of the votes cast were voted in favour of the transaction.

Paul Fireman, Chairman and CEO of Reebok, said, "We are extremely pleased with the outcome of today's vote and appreciate the support of our shareholders."

"The combination of Reebok and adidas is truly compelling. All of us at Reebok look forward to working with the adidas team to fully realize the opportunities that lie ahead," Paul said.

Under the terms of the agreement announced on August 3, 2005, Reebok shareholders will receive US $59.00 per share in cash upon close of the transaction for an approximate transaction value of €3.1 billion (US $3.8 billion).

adidas-Salomon AG and Reebok have received the approvals required to complete the transaction, which is expected to close on January 31, 2006.

Reebok International Ltd, headquartered in Canton, MA, is a leading worldwide designer, marketer and distributor of sports, fitness and casual footwear, apparel and equipment under the Reebok, Rockport, CCM, Jofa, Koho and Greg Norman brands.

Reebok International

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