Trustmark Mutual Holding Company has acquired about 89% of the common stock of Health Fitness Corp. (NYSE:FIT) through a tender offer.
Shareholders of Health Fitness, Minneapolis, have tendered 9.1 million shares to Trustmark, Lake Forest, Ill., according to Trustmark.
The offer expired at midnight Feb. 24.
A Trustmark affiliate will buy enough extra stock directly from Health Fitness to have 1 share more than 90% of the company’s stock, at a price of $8.78 per share, Trustmark says.
Trustmark then plans to acquire all remaining shares of Health Fitness through a “short-form merger,” without a vote or meeting of the remaining shareholders of Health Fitness.
After Trustmark completes the proposed acquisition of Health Fitness, Health Fitness will operate as a stand-alone business unit, Trustmark says.