Vitamin maker USANA Health Sciences Inc. has formed a special board committee to evaluate a buyout offer from the company's chairman and chief executive.
Myron Wentz, his family and others offered to pay $26 per share to take the company private. The Wentz group controls about 68 percent of the Salt Lake City-based company's stock.
The committee of independent directors has retained the law firm Morrison & Foerster LLP for assistance. It is looking for a financial adviser.
Some stock analysts believe the offer isn't high enough, despite USANA's recent troubles. In the first quarter, USANA reported a 36 percent drop to $7.5 million in profit because of higher costs and lagging North America sales. It also is embroiled in a legal battle with a critic of the multilevel marketing business.
USANA sells minerals and vitamins through an army of thousands of distributors.