Shares In MLM Company Herbalife Jump On Bid By Private Equity Group
A private investment group that owns more than a quarter of MLM company Herbalife Ltd., the Century City-based direct seller of nutritional and weight-loss supplements, has made a bid for the entire company, Herbalife said Friday.
J.H. Whitney & Co., which took Herbalife private in 2002 when it purchased the company with another investor, offered $38 a share in cash this time, valuing the company at $2.7 billion.
Whitney's latest offer was 15% higher than the $33.10 that Herbalife shares closed at Friday on the New York Stock Exchange. After the news was released in the late afternoon, the stock jumped to more than $39 in extended trading.
J.H. Whitney & Co., which took Herbalife private in 2002 when it purchased the company with another investor, offered $38 a share in cash this time, valuing the company at $2.7 billion.
Whitney's latest offer was 15% higher than the $33.10 that Herbalife shares closed at Friday on the New York Stock Exchange. After the news was released in the late afternoon, the stock jumped to more than $39 in extended trading.
posted by Kevin Francis @ 11:25 PM
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