Whitney Bid For MLM Company Herbalife Is Rejected

Herbalife shares dropped Friday after a buyout rejection worried investors expecting a higher bid.

Shares of Herbalifeslimmed 77 cents, or 1.9%, to $39.50, after the company said an offer from private-equity firm Whitney V was too low. The drop after the rejection came even though shares would only be worth $38 if the deal was accepted.

Editor's Note: I posted this news previously but the Forbes article adds some detail.