Group has made an official bid for Herbalife Ltd.LOS ANGELES-- A private investment group that owns more than a quarter of Herbalife Ltd., the 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 bought the company with another investor, offered $38 a share in cash this time around, or a total of $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 is higher than Herbalife's closing price of $33.10 a share on the New York Stock Exchange on Friday, but the stock spiked to more than $39 in after-hours trading.
