Kennedy Lewis Management already holds a 14.6% stake in FXLV and wants to acquire it for $4 per share. That offer is in cash and represents a nearly 82% premium over the stock’s closing price on Thursday.
Kennedy Lewis Management argues that Mark Wahlberg’s F45 Training would be better off as a private company. The firm claims that this would allow for a “stronger position to maximize its resources and realize strategic value that enhances its operations and supports its stakeholders.”
The offer from Kennedy Lewis Management also has a condition that must be met. The investor is requiring that other large shareholders agree to roll their current equity in the company as part of the deal.
FXLV Isn’t Held to the Offer
This offer from Kennedy Lewis Management is non-binding and the firm is seeking approval from the Board of Directors. It wants to engage with other entities regarding the matter with the consent of the Board.
News of the buyout off has shares of FXVL seeing heavy trading on Friday. As of this writing, nearly 23 million shares have changed hands. That’s quite the increase over its daily average trading volume of 1.8 million shares.
FXLV stock is up 41.9% as of Friday morning.
Investors seeking out all of the hottest stock market news will want to keep reading!
We’ve got all of that ready to go in one place! For Friday, that includes what has shares of American Virtual Cloud Technologies (NASDAQ:AVCT), IonQ (NYSE:IONQ), and Micron (NASDAQ:MU) stock on the move today. You can read up on all of that news at the following links!
More Friday Stock Market News
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.