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Fly News Breaks for November 27, 2019
GOOGL, GOOG, FIT
Nov 27, 2019 | 08:06 EDT
Deutsche Bank analyst Jeffrey Rand continues to believe that the acquisition of Fitbit (FIT) by Google (GOOG, GOOGL) will close. However, the fact that there was another party willing to make a bid close to the acquisition price should ease some concern about the potential impact on Fitbit's stock price if the Google deal falls through due to regulatory issues, Rand tells investors in a research note after the company released its preliminary proxy statement. According to CNBC, the "Party A" revealed in the proxy that was also interested in Fitbit is Facebook (FB). Rand believes Fitbit shares should inch up closer to its potential acquisition price, saying it now appears the company would have potential suitors even if the current deal falls through. He keeps a Hold rating on Fitbit shares.
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