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Herbalife gets buyout offer


Published : Fri, 02 Feb 2007 23:13
By : Agencies
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LOS ANGELES (AFX) - Nutritional supplements company Herbalife Ltd. said Friday it got a buyout offer from Whitney V LP to buy the company for $38 per share in cash.

Whitney and related parties own about 27 percent of the company's outstanding stock. With around 71.3 million shares outstanding, roughly 52 million shares are owned by Whitney, which amounts to a buyout worth about $2 billion.

Herbalife's board set up a special committee to review the proposal.

Herbalife Shares rose 13 cents to $33.23 in the aftermarket.

Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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