Herbalife: Whitney offer 'too low' |
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Fri, 30 Mar 2007 00:23
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LOS ANGELES (AP) - Nutritional supplements maker Herbalife Ltd. said Thursday a takeover offer from major shareholder Whitney V LP is 'too low.'The offer of $38 per share, first issued in early February, values the company at about $2.7 billion. Whitney and its affiliates owned about 27 percent of the company's outstanding stock at the time of the offer. The private investment firm, whose managing director is the chairman of Herbalife, offered to buy Herbalife for what was then a 15 percent premium.Herbalife shares got a boost last week when the company reported it received a license to operate in China and signed a deal to put its name on the front of the L.A. Galaxy soccer team's jerseys.The company said it would consider a higher bid from Whitney.Herbalife shares fell 5 cents to close at $40.27 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Herbalife gets buyout offer 