transaction highlights
a stronger competitive platform
$59.00 in cash per Reebok share, for an offer
value of €3.2bn
A world leader in athletic footwear and apparel
Including net cash and minorities, total transaction
value of €3.1bn
Annual cost synergies estimated to ca. €125m
Paul and Phyllis Fireman have entered into a
voting agreement whereby they will vote their
17.5% of shares in favor of the offer
€8,899 million in sales and €820 million in
operating profit
Strong positions in three key regions
Better balanced geographic sales mix
Europe 46%
North America 35%
Asia 15%
New dynamic in North America
Offer approved by the Board of Reebok
strong presence across teams,
athletes, events and leagues
two well-defined
brand identities
Sports performance
Sports lifestyle inspired
European heritage
American sports
pro-forma aggregate financials
FY 2004
opportunities for value
Widen geographic and category impact
Reach a broader spectrum of consumers and
demographics
adidas-Salomon(1)
Reebok(2)
Pro Forma
Net Sales
€5,856m
€3,043m
€8,899m
Expand technology expertise across brands
Gross Profit
2,812m
1,204m
4,016m
Maximize license, team and event assets
583m
237m
820m
Operating Profit
Broaden channel relationships
Increase operating efficiencies
Source: adidas and Reebok
(1) From continuing operations
(2) Converted into euros at the 2004 average US$/€ exchange rate of 1.244