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This article was originally published in The Tan Sheet

Executive Summary

The trust of founder Mark Hughes rejected a buyout offer from Sept. 26. The Mark Hughes Family Trust became the majority shareholder of the company when Hughes died in May. Plans made by Hughes to take the company private were unsuccessful (1"The Tan Sheet" April 24, In Brief)

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Tender offer by Chairman and CEO Mark Hughes for the company's Class A and Class B stock is terminated, as is the buy-out agreement Hughes arranged between his MH Millenium Acquisition Corp. and Herbalife. In an April 10 statement, Hughes attributed the transactions' termination to "extremely adverse conditions in the credit markets," but said the firm will continue to "maximize shareholder value by expanding and improving the Herbalife business worldwide." Hughes had announced his intention to buy all the company's remaining shares and take it private on Sept. 13, stating Herbalife had "not been rewarded in the public equity markets" (1"The Tan Sheet" Sept. 20, 1999, p. 15)

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