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.
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.
EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.