MORAY, the company bidding to take over health clubs operator Fitness First, has extended its offer for two weeks.
The organisation, backed by private equity firm Cinven, last month tabled a £200m offer for the Poole-based clubs.
Fitness First confirmed in January that it was talking to a third party after effectively putting itself up for sale following a profits warning.
In a statement to the London Stock Exchange, Moray said that by the end of last week when the first closing date for its offer passed, it had received acceptances from around 54 per cent of Fitness First shareholders.
Additionally, director James McGoldrick has pledged to sell his 2.7 per cent stake to Moray.
The 175p-a-share bid represents a 9 per cent premium to the price of 160p on April 10 when the offer was announced.
It is a 46 per cent premium to the price of 119.5p the day before a sale sign was raised.
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