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Herbalife terminates discussions with Whitney V, disbands special committee
By Lisa Kerner
Charlotte, N.C., April 9 - Herbalife Ltd. said its board of directors terminated discussions with Whitney V, LP and, as a result, also disbanded its special committee.
"The board of directors remains committed to growing this company," board chairman Peter M. Castleman said in a company news release.
"We are confident in the company's future because of the work of over a million and a half Herbalife independent distributors in 64 countries, which are what make the company successful."
Whitney V - an investor group that includes Herbalife product distributors and is reportedly the company's largest shareholder - said last week it may consider making a proposal to acquire the company for more than its recently rejected offer of $38.00 per share.
However, after Monday's announcement, group members expressed willingness to "discuss supporting a different party's transaction that was embraced by the issuer's distributors, the special committee and the board," in a schedule 13D filing with the Securities and Exchange Commission.
Herbalife previously said the Whitney V acquisition proposal of $38.00 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. Whitney owned approximately 27% of Herbalife's outstanding common stock at the time of the offer.
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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