UPDATE: Fitbit (FIT) Trading Paused Amid Buyout Chatter

November 10, 2016 11:02 AM EST

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(Updated - November 10, 2016 11:04 AM EST)

Fitbit (NYSE: FIT) trading paused for volatility.

UPDATE - Market chatter has a $12.50/share buyout offer being made by ABM Capital. The following was filed with the U.S. SEC late Wednesday:

This filing relates solely to preliminary communications made before the commencement of a potential tender offer by ABM Capital LTD ("Purchaser") for all of the outstanding Class A common shares, par value $0.0001 per share of FitBit Inc. (the "Company"). The Purchaser has announced today, November 9 2016, that it has submitted an offer (the "Letter") to the board of directors of the Company. In the Letter, the Purchaser proposes to acquire all outstanding Class A common shares at a price per share of $12.50 (the "Proposed Offer"). The Proposed Offer is subject to satisfactory due diligence and notification and the execution of a definitive written agreement.

The potential tender offer for the Company's outstanding ordinary shares described in the exhibit to this filing has not commenced and may never commence. If and when the offer is commenced, Purchaser will file a tender offer statement on Schedule TO with the U.S. Securities and Exchange Commission (the "SEC"), and the Company will timely file a recommendation statement on Schedule 14D-9, with respect to the offer. Any tender offer statement (including any offer to purchase, any related letter of transmittal and other offer documents) and the recommendation statement will contain important information that should be read carefully before any decision is made with respect to any tender offer. All of those materials (and all other offer documents filed with the SEC) will be available at no charge on the SEC's website: www.sec.gov.



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