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Herbalife sale

This article was originally published in The Rose Sheet

Executive Summary

Nutritional direct-seller is acquired by private equity firms Whitney & Co. and Golden Gate Capital in transaction valued at $685 mil., Herbalife announces April 10. Privatization was a goal of company founder Mark Hughes prior to his death in May 2000, but one he was unable to complete due to lack of financing ("1The Rose Sheet" May 29, 2000, p. 7). Buyout follows two tumultuous years for the firm, which has been led by multiple directors. Whitney and Golden Gate will pay Herbalife class "A" and class "B" shareholders $19.50 per share, which represents premium of 26.7% for class "A" shares and 35.4% for class "B" shares. Transaction is expected to close in late second quarter or early third quarter, Herbalife adds...

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