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Fitbit volatile on dubious third-party tender offer statement

Published 11/10/2016, 11:44 AM
Fitbit volatile on dubious third-party tender offer statement
FIT
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  • The filing, suggesting ABM Capital LTD, a firm located in Shanghai, China according to the form, has submitted an offer to FItbit's (NYSE:FIT) board of directors proposing a $12.50 per share buyout.
  • Validity of the proposal, however, appears in question, with shares moving higher by over 8% intraday initially, though reversing 3% off those levels since. Nonetheless, shares on the day are up 3% as the situation remains under observation.

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