Sign-up now for Totally free unlimited access to Reuters.com
April 5 (Reuters) – Conditioning enterprise Tivity Health and fitness (TVTY.O) claimed on Tuesday it experienced agreed to be acquired and taken personal by investment agency Stone Issue Cash for $2 billion in hard cash.
Tivity claimed its stockholders would get $32.50 for each share, which is a in close proximity to 1% top quality to the stock’s closing rate of $32.25 on Monday.
Tivity’s shares rose .5% to $32.42 in morning trade.
Sign up now for Totally free unlimited entry to Reuters.com
The enterprise owns SilverSneakers, a fitness program available in-particular person and virtually for individuals eligible for Medicare – the U.S. government’s medical coverage program for persons age 65 and older and the disabled.
SilverSneakers was started in 1992 and Tivity has, in current months, been hoping to provide a lot more digital offerings, building ‘live with instructor’ lessons out there for associates wishing to retain physical exercise from the consolation of their homes.
Tivity stated it initiated a overview of strategic choices following getting an unsolicited proposal from Stone Place and was in conversations with numerous likely potential buyers, prior to finally selecting to be acquired by the private fairness company.
“Stone Point acknowledges the value of our brand names, our properly-regarded senior health and health advancement platform,” reported Richard Ashworth, Main Government Officer of Tivity Wellness.
He would continue to be the CEO of Tivity Overall health after the completion of the offer, envisioned in or prior to the 3rd quarter, the enterprise said.
Lazard was the exceptional fiscal adviser to Tivity Well being when Truist Securities served as special economical adviser to Stone Level on the deal.
Sign-up now for Cost-free unlimited entry to Reuters.com
Reporting by Amruta Khandekar Modifying by Amy Caren Daniel and Krishna Chandra Eluri
Our Benchmarks: The Thomson Reuters Rely on Ideas.