August 21, 2017 / 12:06 PM / a year ago

BRIEF-Herbalife announces self-tender offer to purchase up to $600 mln of outstanding shares

Aug 21 (Reuters) - Herbalife Ltd:

* Herbalife announces self-tender offer seeking to purchase up to $600 million of its outstanding common shares

* Says ‍commenced “modified dutch auction” self-tender offer to purchase for cash up to an aggregate of $600 million of shares of its common stock​

* Says to purchase shares of its common stock at a per share price not less than $60.00 nor greater than $68.00​

* Says board has determined tender offer is an appropriate way to return capital to shareholders​

* Says was recently in discussions with prospective financial investor regarding potential transaction that could have led to co being taken private

* Says ‍conversations with prospective financial investor​ were formally terminated on Aug 16, 2017

* Board decided to provide tendering shareholders with some protection in event company is taken private within two years

* Icahn entities agreed to not increase ownership above 50% of co’s outstanding shares unless agreed to acquire 100% outstanding shares​ Source text for Eikon: Further company coverage:

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