In Brief: Herbalife
This article was originally published in The Tan Sheet
Executive Summary
Herbalife: Board proposes recapitalization plan under which it would establish voting and non-voting classes of common stock. The Los Angeles-based dietary supplement direct marketer would initiate a one-for-three reverse split and then reclassify each share into a new share of Class A voting common stock. Two shares of non-voting Class B common stock then would be distributed as a non-taxable dividend for each Class A share. The proposed recapitalization would leave the company with about 30 mil. outstanding shares. Herbalife has called a special shareholders meeting on Dec. 11 to vote on the transaction...
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