Just a week after acquiring US outerwear brand Eddie Bauer, Authentic Brands Group has reportedly lodged a US$1 billion bid for Adidas’ Reebok brand. 

According to the New York Post, Authentic Brands will team with footwear manufacturer Wolverine World Wide. But its bid is far short of the $3.8 billion Adidas paid for Reebok five years ago and the $2.4 billion it is thought to be seeking. 

At least two other international sports apparel companies are working the numbers on Reebok, according to Reuters: South Korea’s Fila and two Chinese companies, Anta Sports and Li-Ning. 

Private-equity investor Apollo Global Management has also submitted a bid, details of which have not been revealed, and several other PE firms have expressed an interest. 

Adidas is said to be allowing potential buyers to conduct due diligence and considering non-binding offers with a final decision likely next month.

Adidas announced in February that it had begun a formal process aimed at divesting Reebok as part of a five-year strategy. The company bought the British-themed brand as part of a plan to compete more aggressively against rival Nike. 

According to overseas media reports, one of the reasons for the lower price for Reebok is that Adidas will require the purchaser to find its own manufacturing partner as it will not continue to make Reebok products post sale.