Activist investor Blackwells Capital LLC is preparing to push Peloton Interactive Inc’s board to fire chief executive officer John Foley and explore a sale of the exercise bike maker, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
Blackwells Capital believes Peloton could be an attractive acquisition target for larger technology or fitness-oriented companies, according to the report.
Peloton and Blackwells Capital did not immediately respond to Reuters’ requests for comment.
By Bhargav Acharya; Editor: Christopher Cushing
Peloton’s success in fitness has Nike, Lululemon and Adidas lining up to make clothes for its loyal riders. Will those followers be as loyal to the exercise bike maker’s own gear?