Herbalife says Whitney's $38.00 per share does not offer enough value for the company

By Lisa Kerner

Charlotte, N.C., March 29 - Herbalife Ltd. said the special committee of its board of directors believes Whitney V LP's $38.00-per-share acquisition proposal does not represent sufficient value for the company.

"We remain open-minded about ways to achieve appropriate value for the company, and would certainly consider an improved proposal from Whitney," chairman of the special committee Leroy T. Barnes, Jr., said in a company news release.

"Herbalife's continued momentum, enabled by the outstanding performance of our distributors and underscored by the recent receipt of a new license to operate in China and the recently announced marketing agreement with the L.A. Galaxy soccer team, further reinforces the special committee's determination that a $38.00 offer is too low."

On Feb. 2, Herbalife received an unsolicited offer from Whitney to acquire the company in an all-cash transaction. At that time, Whitney reportedly owned approximately 27% of Herbalife's outstanding common stock.

Herbalife is a global network marketing company based in Los Angeles that sells weight-management, nutritional supplements and personal care products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.