Avoint I would suggest the following should add to positive sentiment even though it refers to Fitness First.
Top Stories UK 12/29 10:33
Fitness First to Be Bought by Cinven, Sunday Times Reports By Richard Blackden
London, Dec. 29 (Bloomberg) -- Fitness First Plc, a U.K. health-club operator, will be acquired by buyout firm Cinven Ltd. for as much as 370 million pounds ($593 million) in cash and assumed debt, the Sunday Times said, without citing anyone.
London-based Cinven is supporting a bid by Fitness First Chief Executive Mike Balfour, the newspaper said. Shares in the Poole, England-based company have fallen 70 percent this year.
Fitness First, which in October scaled back expectations for profit in fiscal 2002, last month appointed advisers to look into its options.
U.K. fitness operators such as Esporta Plc and Holmes Place Plc have sought takeovers after their share prices declined on concern growth may be slowing. Esporta was bought by Duke Street Capital in July. An offer for Holmes Place from Royal Bank of Scotland Group Plc's buyout unit fell through in October.
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