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Herbalife goes private

This article was originally published in The Tan 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 an investor group led by equity firms Whitney & Co. and Golden Gate Capital, in partnership with direct marketer's distributors, 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 Tan Sheet" April 15, 2002, p. 5)...

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