Nike’s sale of Umbro for $225 Million was considered a bargain for the buyer, Iconix Brand. Now, Nike has found two buyers to bid for its Cole Haan division that it has been trying to sell since early this year. TPG Capital and Apax Partners, two private equity firms, are the competing bidders for the footwear brand. So far, the highest bid sits at a reported $500 Million from Apax Partners, but can go as high as $518 Million when it all ends. With two companies close on putting up millions, the auction could very well end with a sniping in the last minute.

[via wwd]