Shares of Usana Health Sciences Inc., which manufactures nutritional supplements and skin-care products, slid Monday after the company's shareholders rejected a buyout bid from Usana's chief executive.
Shares fell $1.62, or 5.7 percent, to $26.72 in midday trading.
After the market closed Friday, Usana said a special committee of its board of directors recommended shareholders reject an offer to buy the company for $26 a share made by a group assembled by Usana CEO Myron Wentz. The group also includes the company's president, David A. Wentz.
The committee said the offer was inadequate and not in shareholders' best interests.
But Monday morning, the group reiterated its offer the buy the company at the same price. The price is an 8 percent discount to the company's closing price Friday of $28.34.
Terms & Conditions
RSS Headlines
Fool UK