Twinlab to be sold to IdeaSphere for $65 million

By Carlise Newman

Chicago, Oct. 22 - Twinlab Corp. said the bid from IdeaSphere Inc. remains the highest and best offer for its assets, paving the way towards the court approval hearing on Oct. 27 to allow for the $65 million acquisition.

Twinlab filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of New York, and following a sale process involving "numerous" buyers it entered an asset purchase agreement.

No additional bids were received in conjunction with the post-petition open bidding process approved by the court, Twinlab said. The transaction with IdeaSphere is scheduled to close in the next several weeks under the terms of the asset purchase agreement.

IdeaSphere anticipates retaining all of Twinlab's employees at its New York headquarters and Utah manufacturing center and is evaluating the possible addition of jobs in New York and Utah

Hauppauge, N.Y.-based Twinlab manufactures vitamins and health 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.