Saturday, February 14, 2009

USANA board forms panel to evaluate buyout offer

Source: CNNMoney.com

"Nutritional supplement and skin care products company Usana Health Sciences said Tuesday its board of directors has formed an independent panel to evaluate a buyout offer from its chief executive and largest shareholder.

Last Tuesday, investment firm Gull Holdings Ltd., which is controlled by Usana CEO Myron Wentz, offered to take the company private for $26 per share.

The committee has retained Morrison & Foerster LLP as a legal adviser and is also in the process of hiring a financial adviser. "

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