An investment group that includes Chinese investors and affiliates of Abu Dhabi’s sovereign wealth fund is on the verge of making an unsolicited $2.2 billion offer to acquire Reebok from Adidas AG.

The Wall Street Journal broke the news Monday morning citing unnamed sources, but Bloomberg filed its own report later in the day confirming several details with its own unnamed sources.

The investment group believes Reebok would perform better as a private, stand-alone company and is prepared to invest money to accelerate brand marketing and store openings, the newspaper reported Oct. 20. Their plan calls for leaving Reebok’s current senior leadership team and strategy in place at its headquarters in Canton, MA near Boston.

The investment group includes Jynwel Capital of Hong Kong and funds affiliated with the government of Abu Dhabi.

Reebok has lost significant market share in the United States since Adidas acquired the brand in August, 2005 for $3.8 billion in a bid to gain market share in the United States. Reebok has been focusing in recent years on establishing itself as the dominant brand in fitness by growing its presence in cross fit and rolling out its FitHub stores across the globe. In the United States, Adidas has opened Reebok FitHubs in greater Boston, New York City and Washington DC. FitHub stores have also been opened in Paris, Korea, Russia, Dubai and London.  

Adidas stock, which has been under pressure since the company abandoned its 2015 financial targets in July, closed up 2.75 euros ($3.50), or about 5 percent Monday, ending the day at 56.75 euros ($72).