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Utah-based Usana Health Sciences has received an offer from Gull Holdings, which is controlled by Usana chairman and CEO Myron Wentz, to acquire all the company's shares and take it private.
Gull Holdings offered $26 per share, a nearly 25 percent premium over the closing price of Usana's common shares on Monday, Gull Holdings said in a news release. USANA's stock closed Monday at $20.83 on the Nasdaq stock market.
Gull Holdings and the other participants in the offer own or control 68 percent of USANA common stock, according to the statement.
Gull Holdings has obtained a commitment from a major institutional lender to finance the purchase, the company said, without identifying the lender.
USANA manufactures and sells nutritional supplements and personal-care products through a network of independent distributors.
