A USANA Health Sciences Inc. committee didn't like a $26-per-share offer to buy the company's outstanding common shares. Now, the committee has said an amended offer of $28 per share also is "inadequate."
The special committee of the USANA board of directors has announced its recommendation that shareholders reject the amended offer from Unity Acquisition Corp. and Gull Holdings.
Myron W. Wentz, USANA's chairman and chief executive officer, controls Gull, and Gull and its affiliates control about 68 percent of USANA common stock. The buyers want to take USANA private.
The first offer, made June 2, was amended to $28 on June 30. The prospective purchasers set an offer deadline for Monday.
Salt Lake City-based USANA develops and manufactures nutritional, personal-care and weight-management products. The company's stock rose 34 cents Monday to close at $26.75. During the past year, the price has ranged from $18.18 to $51.50.