Herbalife Investor Bids for Firm
A private investment group that owns more than a quarter of 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.
Since Herbalife went public again in 2004, its shares have more than doubled in price, making millions for Whitney and other Herbalife investors.
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.
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