An activist investor urged Peloton's board to fire John Foley and put the bike company up for sale. Nike and Amazon are reportedly exploring offers.
Shares of Peloton surged 30% in extended trading on the news, which comes days after activist investor Blackwells Capital urged the company's board to put it up for sale.
Peloton's sales boomed during Covid-19 lockdowns, with many snapping up home fitness equipment. But its fortunes began to fade as vaccinations increased, gyms reopened and rivals offered competitive products. Last week, Blackwells Capital called on the board of Peloton to remove CEO John Foley immediately, accusing him of deals that set high fixed costs and for holding on to excessive inventory, while misleading investors about the need to raise capital.
Peloton has tried to cushion the blow to its growth by cutting the price of its popular bike and ramping up its ad spending, but growth remains stagnant.
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Amazon and Nike are exploring bids for Peloton, report saysPeloton Interactive Inc has drawn interest from potential buyers including e-commerce giant Amazon, according to a person familiar with the matter, as the exercise bike maker struggles to maintain pandemic-fueled growth.
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Amazon is exploring offer for Peloton, source says; report says Nike also weighing bidPeloton Interactive Inc has drawn interest from potential buyers including e-commerce giant Amazon.com Inc , according to a person familiar with the matter, as the exercise bike maker struggles to maintain pandemic-fueled growth.
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Amazon, Nike, and Other Bidders Are Reportedly Circling PelotonSeveral corporations seem eager to scoop up the beleaguered exercise equipment manufacturer.
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Amazon named as possible Peloton buyer in a suspiciously well-timed rumorWhat’s next for Peloton?
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WSJ News Exclusive | Amazon, Other Potential Suitors Explore Peloton DealPeloton Interactive is drawing interest from potential suitors including Amazon.com, as the stationary-bike maker’s stock slumps and an activist urges it to explore a sale.
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