, months after suing power meter and indoor bike company for £16 million
Later that same week it emerged that AIPS , a Giant subsidiary established in 2020 to develop and manufacture cycling technology including power meters, had, alleging that the US-based company owed over £11 million from 161 unpaid invoices between June 2022 and January 2024, attributed to power meters, exercise bikes, other products and parts, and storage and shipping fees.
The company’s stalking horse bid for Stages meant that any rivals to Spia’s bid would have to place a minimum $21.5 million competing bid, as well as stump up for a $500,000 minimum overbid charge and a break-up fee, with the deadline for offers set for 1 August. Giant also noted that the acquisition supports the manufacturer’s desire to create what it calls a “comprehensive indoor/outdoor cycling ecosystem”, enhance its cycling data capabilities, and enter the commercial fitness market, in which it has been manufacturing products for other brands for three decades.
its pre-tax profits slumped by 17 per cent during the first half of 2024, with sales down by 13 per cent