Why Adidas (ADDYY) Stock Is Up Today

NEW YORK ( TheStreet) -- Shares of Adidas ( ADDYY) are up 3.17% to $39.40 after it was reported that a group of hedge funds is seeking to buy a stake in the sports footwear, apparel and accessories company to pressure management to make sweeping changes, although one of the funds dismissed this, according to  Reuters.

Germany's manager magazin said hedge funds including Knight Vinke, Third Point and TCI were considering buying stakes.

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But Eric Knight, founder of activist fund Knight Vinke, denied it to Reuters, saying, "We don't have a shareholding and it's not something we're following." 

Citing unnamed financial sources, the magazine said the funds would seek radical changes at Adidas, including the removal of CEO Herbert Hainer and the possible spin off of fitness brand Reebok and golf label TaylorMade.

 ADDYY Chart ADDYY data by YCharts

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