Google has made an offer to acquire Fitbit, Reuters reported late Monday morning. Shares of the fitness-tracking device maker surged 19 percent on the report, leading the Nasdaq to briefly halt trading in the stock. Shares resumed trading just after midday, climbing more than 35 percent.
The offer price is not clear, according to Reuters, and it is unknown whether or not Fitbit is considering the offer.
Reuters reported last month that the wearable company, a darling of the consumer tech industry when it went public in 2015, was now looking to either get acquired or take itself private as it faces increased competition. Modern smartphones now come with much of the technology that Fitbit pioneered in its sleek, connected watches, not to mention the Apple Watch, which now owns about half of the global smartwatch market.
For Google parent Alphabet ($GOOGL), Fitbit would represent the company's first foray into wearables, where its main hardware competitors, Apple and Samsung, are duking it out for supremacy. Google has made its healthcare ambitions clear, last year poaching the CEO of the regional healthcare provider Geisinger.
In a daring daylight robbery on Sunday, thieves used a basket lift to scale the Louvre’s facade, smash display cases, and steal eight priceless jewels.
The Trump administration has agreed to resume processing student debt cancellations under two key income-driven repayment plans it had previously limited.
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CNN is launching a new “All Access” streaming subscription in the U.S. on October 28th, priced at $6.99 a month, or just $69.99 if you sign up for a full year.
