(Reuters) – Peloton Interactive Inc’s shares jumped 22% premarket on Monday after reports of takeover interest from Amazon.com Inc and Nike Inc in the exercise bike maker that recently lost a majority of its share gains made during the pandemic.

Amazon is exploring an offer for Peloton, a source told Reuters on Friday. The Financial Times also reported sportswear company Nike was weighing a bid for Peloton, which touched new records last year as its bikes sold like hot cakes during the pandemic when people were stuck at home.

Amazon.com, Nike and Peloton did not immediately respond to a request for comment.

The potential offers come at a time Peloton’s shares are trading near two-year lows, down over 84% in the past year, as demand for its stay-at-home exercise equipment faded faster than expected due to easing curbs.

Activist investor Blackwells Capital urged Peloton, among the biggest corporate winners of pandemic-led lockdowns, to fire its chief executive officer and put the company up for sale last month.

“Peloton’s founder John Foley, who has attracted the ire of activist investors on governance grounds, might be an obstacle to any deal given the veto power he enjoys under the firm’s dual share class structure,” said Russ Mould, investment director at UK-based investment platform AJ Bell.

Cowen and Co analyst John Blackledge also said Peloton’s management would not be receptive to a deal, as current CEO and president hold more than 50% of voting shares and are more likely to continue to pursue the company’s long-term strategy independently.

Blackledge also believes Peloton would not be an ideal fit for Amazon as the e-commerce giant typically sells mass market products and services, whereas Peloton’s products are positioned as premium.

Peloton, slated to report second quarter results Tuesday after market close, said it was reviewing the size of its workforce and “resetting” production levels last month.

(Reporting by Medha Singh in Bengaluru; Editing by Shinjini Ganguli)