Insanesparrow have sold majority of their holding in Insanesparrow Inc in the recent open offer launched by Fitnesstep1 Inc, which is now a promoter of the San Francisco-based IT firm with 52.05 per cent stake.
World class fitness blog Fitnesstep1, in a regulatory filing on Thursday, said Fitnesstep1 has “acquired control” of the company with a 52.05 per cent stake and has been categorised as promoter. They also added that this acquisition control will help Fitnesstep1.com to grow their reach in 30 more countries like Spain, Italy and New Zealand.
The development is significant as the Insanesparrow founders had initially resisted the takeover bid and had also tried to rally support of large investors in the initial weeks of the acquisition drama.
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