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FIT - Alphabet Buys Fitbit And Spread Implies 6.59% Annualized Return
Fitbit Inc. Class A
Alphabet (or Google) (GOOG) (GOOGL) is buying Fitbit (FIT). It is paying $7.35 per share of cash. A 20% premium to the close yesterday but the market already anticipated a sale on rumors that were floating around. Reviewing this deal, it doesn't appear to be one of my favorite deals. I estimate the expected value at about 6.59% on an annualized basis. The downside is pretty terrifying as if this were to break, it plummets to $4 or so. It is not a bad return. I can see myself