FitBit Says It Hasn't Received Any Takeover Offer
November 10 2016 - 2:30PM
Dow Jones News
Fitbit Inc. on Thursday said it has not received a takeover bid,
following a U.S. Securities and Exchange Commission filing that
said a Chinese firm was bidding on some shares.
The purported takeover offer was said to be from a firm called
ABM Capital Ltd., based in Shanghai, according to the SEC filing.
The filing was triggered by what ABM called "preliminary
communications made before the commencement of a potential tender
offer."
In a statement, the fitness-tracker maker, said, "Fitbit has not
received any communication from ABM Capital, or any other firm,
regarding a reported offer."
ABM Capital's phone number did not appear to be working, and the
firm could not be reached for comment.
According to the SEC filing, ABM is interested in acquiring
Fitbit's Class A shares at $12.50 each. The Class A shares account
for 24% of the company's voting rights. Fitbit's shares were
trading at $8.41 on Thursday morning before they were halted.
Fitbit's share price has declined 34% since last week, when the
company released disappointing third-quarter results.
Several companies have been targets of apparently fake
securities filings since last year, including Kraft Heinz Co. and
Avon Products Inc.
Write to Georgia Wells at Georgia.Wells@wsj.com
(END) Dow Jones Newswires
November 10, 2016 14:15 ET (19:15 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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