Planet Fitness lost its bid in bankruptcy court to acquire budget fitness chain Blink Holdings, according to court filings viewed by CNBC. Planet Fitness placed its competing eleventh hour bids early this month during a 48-hour challenge window. Late Tuesday, Delaware's bankruptcy court formally accepted PureGym's $121 million offer, which initially won at auction in late October. J. Kate Stickles, bankruptcy judge in the U.S. Bankruptcy Court of Delaware, said in Tuesday's hearing that PureGym's offer would avoid antitrust risks. PureGym's offer, assuming Blink's liabilities, also comes with 60 of Blink's fitness centers still operating in New York and New Jersey.

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Persons: J, Kate Stickles, PureGym, Humphrey Cobbold Organizations: Holdings, CNBC, Bankruptcy Locations: Richmond , California, U.S, Delaware, New York, New Jersey, American