The founders were recently offred a 160 million buy-out.
They refused
I doubt that. In fact I can say with certainty that is total BS.
Gold's Gym is by far the biggest name in the industry and also has the most clubs, and they were bought out at less than $160 million, and they are 10 times what PF is. World Gym was sold for only 10 million total, and WG has 10-100 times the name recognition of PF.
Besides, Bally has close to 400 clubs and they have been trying to sell their chain for the last 2 years-no buyers, in whole or part.