Blink's bankruptcy acquisition bid by Planet Fitness falls through at the last minute.

• Planet Fitness lost a bid in bankruptcy court to acquire Blink Holdings.
• Blink's 60 gyms in New York and New Jersey have been acquired by U.K.-based private gym chain PureGym.
• A Delaware bankruptcy court judge stated that approving PureGym's proposal would minimize antitrust hazards.

Blink Holdings was not acquired by the company that lost its bid in bankruptcy court, according to court filings viewed by CNBC.

In a 48-hour challenge window, Planet Fitness submitted its competing eleventh hour bids early this month after losing out in bankruptcy auction to U.K.-based, privately held fitness chain PureGym.

On Tuesday, Delaware's bankruptcy court approved PureGym's $121 million bid, which was the highest at an auction held in October.

In Tuesday's hearing, J. Kate Stickles, a bankruptcy judge in the U.S. Bankruptcy Court of Delaware, stated that PureGym's proposal would minimize antitrust risks. The company currently operates just three locations in the U.S., having first entered the market in 2021.

PureGym's offer includes 60 of Blink's fitness centers still operating in New York and New Jersey, assuming Blink's liabilities.

PureGym CEO Humphrey Cobbold stated that the company is dedicated to providing Blink's members in New York and New Jersey with a consistent fitness experience, maintaining the high standards that members have come to expect, when PureGym first made the bid in September.

The fitness market in America is the largest and most dynamic globally, and we are thrilled by the vast potential and the opportunity to adapt and implement our successful model there.

Sources familiar with the matter told CNBC that Planet Fitness' initial bid was rejected in part due to antitrust concerns, as the company already owns over 2,000 clubs in the U.S.

Stickles stated that by accepting PureGym's offer now, Blink can avoid antitrust issues and continue to operate, rather than dissolve as a deal was negotiated in court, which would have further delayed closing the deal with Planet Fitness.

Planet Fitness did not respond to CNBC's request for comment.