Usana Health board urges shareholders to reject CEO's offer
June 20 (Reuters) - Usana Health Sciences Inc (USNA.O) said its board urged the company's shareholders to reject a tender offer made by its chief executive officer and certain Usana shareholders, terming the offer as "inadequate."
A special committee of the board determined that the offer price was inadequate from a financial point of view, the nutritional and personal care products company said in a statement.
On May 13 Usana Health's founder and CEO had proposed to take the company private for $26 per share in cash.
The offer was proposed to be made through an acquisition vehicle, Unity Acquisition Corp, controlled by Gull Holdings.
The tender offer to buy Usana shares, which the CEO or other participants in the offer did not already own, was commenced by Unity Acquisition on June 2.
Usana shares rose 5 cents to $28.39 in trading after the bell, after closing down 13 cents at $28.34 in regular trading on Nasdaq. (Reporting by Sweta Singh in Bangalore; Editing by Gopakumar Warrier)
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