Adidas swallows Reebok for $3.8 billion.

Claymore quipped: Adibok? Reedidas?
File under: Didn't see that one coming.

Reuters reports that Adidas buys Reebok for $3.8 billion in order to expand its reach in Nike's home market. Adidas described the deal sa freindly takeover.

"Together, we will expand our geographic reach, particularly in North America, and create a footwear, hardware offering that addresses a broader spectrum of consumers and demographics," Adidas Chief Executive Herbert Hainer said in statement.

Reebok Chairman and CEO Paul Fireman would continue to run the Reebok brand, Adidas said.

"Adidas is the perfect partner for Reebok," Fireman said in the statement, adding: "This transaction provides our shareholders with good value for their shares."