Planet Fitness (PLNT) increased its offer to buy the assets of Blink Holdings, proposing up to $151 million to top a rival bid for the bankrupt fitness chain, CNBC reported Wednesday, citing court documents.
Planet Fitness' prior offer was rejected because of antitrust concerns. UK-based privately held PureGym, which recently received preliminary approval by the bankruptcy court in Delaware, offered $121 million for Blink assets, including locations in New York and New Jersey.
According to CNBC, the offer by Planet Fitness actually consists of two bids: one paying $142 million if it does not need to address antitrust concerns before making its offer for Blink, or the other offering $151 million if the Planet Fitness bid requires additional regulatory filings before going before the court.
The court was scheduled to review the Planet Fitness offer as part of a Wednesday hearing. Planet Fitness did not immediately respond to a message from MT Newswires seeking comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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