Amazon, Nike, and Other Bidders Are Reportedly Eying Peloton
After crashing investors' expectations by a lockdown-fueled elevated demand during the pandemic, Peloton (PTON) is now in deep trouble.
Product recalls, the demands of refunds and plummeting stock prices along with consumer demand have wiped roughly $40 billion from its market capitalization year-to-date.
Now, corporations eager to bid for the ailing sports equipment producer are reportedly lining up, with Amazon (AMZN) being the largest among several “white and black” knights to throw its hat in the ring, the Wall Street Journal reported Friday. Amazon has been reportedly talking to advisers about a potential acquisition. Additionally, Nike (NKE) is evaluating the idea of making an offer, according to the Financial Times, though these considerations are in the preliminary stages and none of their representatives has yet approached Peloton. Several experts have floated Apple as a possible buyer for Peloton, but that also remains speculation.
According to CNBC, Peloton hasn’t initiated a formal sales process at this time, but there has been ample interest from outsiders about acquiring the company. Its share prices shot up by around 30% on Friday after the news broke that Amazon might be eyeing it.
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