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Article: LA Fitness soars on bid battle
- Article from:
- The Scotsman
- Article date:
- December 14, 2004
- Author:
CopyrightCopyright 2004 The Scotsman. Provided by ProQuest LLC. (Hide copyright information)
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SHARES in gym-operator LA Fitness soared 15 per cent yesterday
after the company said it had become the subject of a bidding war.
Chairman Peter Jacobs said the group had received "a number of
approaches" from interested buyers - believed to include private
equity firms such as Bridgepoint.
LA Fitness is the only health centre chain still listed on the
Stock Exchange. Rivals including Holmes Place, Fitness First and
Esporta have all been taken private after struggling through the bear
market.
Shares in LA Fitness closed up 32p at 246.5p as investors
anticipated a large premium from the sale. Analysts said a buyer with
another gym operator in its stable could slash costs by merging head ...