Puma shares jumped more than 10 percent after reports that Authentic Brands and CVC are preparing a bid for the Pinault family’s 29 percent stake.

Join Dan Koh and Audrey Siek as they unpack the buyout rumors, what they reveal about Puma’s valuation, how the brand compares with Adidas and Nike, and how investors should weigh both the upside of a takeover premium and the risks if no deal happens.