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China’s Bright Foods eyeing GNC
China’s Bright Food Group is close to a deal to buy US vitamin retail chain GNC Holdings for $2.5bn to $3bn, a source familiar with the situation said yesterday. The potential acquisition of Pittsburgh-based GNC, which is owned by Ares Management and the Ontario Teachers’ Pension Plan Board, could be announced in the next few days, said the source. GNC, which sells nutrition supplements, vitamins, sports drinks and other diet products through 7,100 stores worldwide, had been exploring an initial public offering for which it registered papers in September, as well as an outright purchase.