Gull Holdings ends bid for Usana Health Sciences

By Lisa Kerner

Charlotte, N.C., July 16 - Gull Holdings, Ltd. and Unity Acquisition Corp. terminated their offer to purchase Usana Health Sciences, Inc. after determining they would not receive enough tendered shares to satisfy the non-waivable condition of owning at least 90% of the company's outstanding shares following the offer's close.

Gull, through acquisition vehicle Unity, offered to acquire all the shares of Usana that it does not already own for $28 per share.

The offer for Usana had been extended to July 21, from July 14, after approximately 2.37 million shares of Usana had been tendered. The tendered shares plus the offer participants' current holdings constituted approximately 81% of the outstanding shares of Usana, it was previously reported.

Gull, controlled by Usana chairman and chief executive officer Myron W. Wentz, will not seek to lift the preliminary injunction imposed by the Third Judicial District Court of Salt Lake County, Utah, requiring additional disclosures.

"While we are disappointed that we were not able to complete the offer, we believe that Usana shareholders have sent us a strong message about their confidence in the long-term prospects of the company," Wentz said in a statement released on Wednesday.

Usana is a Salt Lake City-based developer, manufacturer and distributor of nutritional and personal care products.

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