Update 9:50am : Updates shares.
F45 Training ( NYSE: FXLV ) jumped 48% after holder Kennedy Lewis Management offered to purchase the fitness studio firm for $4/share in cash.
Kennedy Lewis on Friday offered a non-binding proposal to the board of F45 ( FXLV ) to acquire the company for $4/share, according to a 13D filing. Kennedy Lewis has a 14.6% stake in FXLV. The $4 bid represents an 83% premium to F45's closing price on Thursday. Kennedy Lewis said it has the ability to finance the all-cash proposal and that a definitive agreement wouldn't include a financing condition.
The offer is conditioned on other large stockholders agreeing to roll their existing equity in connection with the proposed deal.
The Kennedy Lewis offer comes after the in vestor disclosed it s increased stake in the gym studio operator in late August after after it snapped up another more than 3.5M shares between August 18 and August 29. Kennedy Lewis is the third largest F45 holder.
The Mark Wahlberg-backed fitness company came public last summer in an IPO priced at $16 a share , a deal that valued the firm at more than $1.4B. F45 Training now has a market cap of $218 million after plunging 86% since its IPO.
F45 Training ( FXLV ) short interest is 23%.
Also see SA contributor Donovan Jones' piece from last month entitled "F45 Training Faces Myriad Challenges In Turnaround Effort."
For further details see:
Mark Wahlberg's F45 Training surges 48% after getting $4/share takeover offer (update)