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CHICAGO (AP) - Shares in Bally Total Fitness Holding Corp. soared to a nearly four-year high Tuesday following a published report that Britain's Virgin Group is considering a takeover of the health-club operator.
The report in the New York Post cited unidentified sources as saying Virgin Group has been examining Bally's financial reports and has received a pitch book on the company put together by J.P. Morgan and The Blackstone Group. According to the sources, the newspaper said, the company run by billionaire Richard Branson sees Bally as a way to grow its Virgin fitness club business in the United States.
Bally spokesman Matt Messinger declined comment on the report.
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