Are Google preparing for a billion dollar takeover of Fitbit?

Shares in wearable tech firm Fitbit were suspended earlier this week, after a string of reports in America suggested that Google had made an official bid for the company.

The global fitness device maker saw a sharp rise in its share price (19%) following the speculation, however, neither company has commented so far.

Fitbit is currently valued at around £1.1bn, and rumours have persisted in recent months that they are open to offers.

Previously a market leader, Fitbit has seen both Android and Apple alternatives break through and take a larger market share in recent years. Apple, Samsung and Huawei have all surpassed Fitbit in sales.

In its latest quarterly earnings, Fitbit posted a loss of £53.2m, showing its frailties as a standalone entity.