Investment Group Pulls Herbalife Offer
An investment group whose bid for Century City-based Herbalife Ltd. was rejected said Friday that it was withdrawing the $2.7-billion offer - and that it might sell the Herbalife shares it owns or buy some more.
J.H. Whitney & Co., which owns about a quarter of Herbalife's shares, said in a letter to Herbalife's board that it was disappointed by the rejection. The letter warned that "depending on developments," New Canaan, Conn.-based Whitney "may engage in sales or purchases of shares."
Herbalife, which is incorporated in the Cayman Islands, is a direct seller of nutritional and weight-loss supplements. Herbalife recently won a license to be a direct seller in China, a potentially huge market.
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