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Herbalife distributors consider new offer for the company following rejection of $38 per share bid
By Lisa Kerner
Charlotte, N.C., April 5 - The group of Herbalife Ltd. investors known as Whitney V, LP may consider making a proposal to acquire the company for more than its recently rejected offer of $38 per share, according to a schedule 13D filing with the Securities and Exchange Commission.
The investors, all Herbalife product distributors and the company's largest shareholder, said they were contacted by the advisors to the company's special committee formed to consider the offer.
Herbalife previously said the Whitney V acquisition proposal of $38 per share did not represent sufficient value for the company.
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.
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