WHOA!! GNC gets “saved” with 300 million infusion by a Chinese company!!!
- They now have 40% ownership of GNC
- The above are NEW shares, meaning a HUGE dilution of US stock
- Harbin has 5 of 11 seats on the board (there used to be just 6 board members)
- They’ll probably sell lots of “GNC-Branded” stuff in China now
This should give them at least another year of life as they know it.
News courtesy Bruce Kneller, who we see at PP headquarters in less than ONE week for an exclusive interview!!!
My real question is… are they really wanting GNC, or do they want GNC’s real estate?!?! Chinese individuals and companies have been making crazy land grabs lately. But Bruce says they want the brand name and nothing else.