Herbalife Nutrition Ltd. announced the preliminary results of its “modified Dutch auction” self-tender offer.
The offer, which expired at 5:00 P.M., New York City time, on Tuesday, August 11, 2020, was to purchase up to an aggregate of $750 million of the company’s common shares at a cash purchase price not greater than $50.00 nor less than $44.75 for each share tendered. Based on the preliminary count by Computershare Trust Company, N.A., the Depositary for the tender offer, a total of approximately 37.9 million common shares of the company were properly tendered and not properly withdrawn at or below the price of $50.00 per share, the maximum cash purchase price in the price range specified in the tender offer.
In accordance with the terms and conditions of the tender offer and based on a preliminary count by the Depositary, the company expects to accept for payment a total of approximately 15.4 million common shares of the company at a cash purchase price of $48.75 per share, for a total cash cost of approximately $750 million, excluding fees and expenses relating to the tender offer. These common shares represent approximately 10.4 percent of the company’s total outstanding shares as of August 10, 2020.
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