Wednesday, December 8, 2010

GNC Sale Rumored

Pittsburgh based GNC Holdings may by up for sale. The Wall Street Journal is reporting that Chinese food company Bright Food Group Co. is nearing a deal to acquire GNC. People familiar with the matter tells the paper the deal for the international vitamin retail chain is for between $2.5 billion and $3 billion. If the sale goes through it would be the largest takeover of a US Firm by a Chinese company. GNC says it does not comment on rumors or speculation.

Last year, GNC's net income totaled $69.5 million on $1.71 billion in revenue. It filed papers in September for a $350 million initial public offering.

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