FitBit Says It Hasn't Received Any Takeover Offer

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 [e-mail]

(END) Dow Jones Newswires

November 10, 2016 14:15 ET (19:15 GMT)

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