Usana Health Sciences CEO wants to take company private for $26 per share

By Lisa Kerner

Charlotte, N.C., May 13 - Gull Holdings, Ltd., controlled by Usana Health Sciences, Inc. chairman and chief executive officer Myron W. Wentz, said it plans to take Usana private in a $26-per-share cash tender offer.

The offer is contingent on financing and resulting ownership of at least 90% of the company's stock, according to a Gull Holdings news release.

Gull Holdings and the other participants in the offer currently own or control some 68% of Usana.

"A major institutional lender" has made a commitment to provide debt financing for the transaction, the release said.

The offer price is a 24.8% premium over Usana's closing price on May 12 and a 29.2% premium to the volume-weighted average price of Usana common stock for the 30-day period ending on May 12.

Once the tender offer is complete, Gull Holdings will effect a short-form merger of Unity Acquisition Corp. with and into Usana. Remaining Usana shares outstanding will be converted into the same consideration paid in the tender offer, Gull Holdings noted.

"Going private will provide significant cost savings and will allow Usana's talented management team, employees, and associates to focus solely on providing industry-leading products and building Usana's strong associate network without the pressures and distractions brought on by the public market," Wentz stated in the release.

"Usana has not relied upon its public company status to raise capital and I do not expect that to change," Wentz added.

Usana is a nutritional and personal care products company located in Salt Lake City.

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