UPDATE 2-USANA Health Sciences gets buyout offer from CEO

(Adds details, analyst comment; updates share price)

By Esha Dey

BANGALORE, May 13 (Reuters) - USANA Health Sciences Inc's (USNA.O: Quote, Profile, Research, Stock Buzz) founder and chief executive offered to take the nutritional and personal care products maker private for $26 per share in cash, sending the company's shares up as much as 30 percent.

The deal values the company at about $428 million based on the company's 16.5 million outstanding shares. The offer price represents a premium of 25 percent to the stock's Monday closing price of $20.83.

With a fairly substantial premium to the recent trading levels and the company's fundamental outlook somewhat cloudy, the deal should go through, Jefferies & Co analyst Douglas Lane said.

The offer is proposed to be made through an acquisition vehicle, Unity Acquisition Corp, controlled by Gull Holdings.

Gull Holdings, controlled by Chairman and Chief Executive Myron Wentz, currently owns or controls about 68 percent of USANA's common stock.

"With the chairman owning a controlling interest, it's unlikely that a competing bid will be entertained," Lane said.

USANA did not immediately return calls seeking comment. Gull Holdings declined to comment.