Herbalife goes private
This article was originally published in The Rose Sheet
Executive Summary
Supplement direct marketer's stock delisted from NASDAQ July 31 upon same-day shareholder approval, completion of $685 mil. transaction to take company private. Holders of approximately 73.9% of all shares of voting common stock gave their consent to the transaction, with stockholders receiving $19.50 per share. Herbalife was acquired by investor group led by equity firms Whitney & Co. and Golden Gate Capital, in partnership with direct marketer's distributors and senior management. Whitney Chairman & Managing Partner Peter Castleman is new chairman of Herbalife, while Francis Tirelli remains president, CEO. Transaction brings closure to almost three-year effort initiated by late founder Mark Hughes to take the firm private (1"The Rose Sheet" April 15, 2002, In Brief)...
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Herbalife sale
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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