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Herbalife Stockholder Rejects Rbid.com Offer

September 27, 2000|Times Staff and Wire Reports

The majority shareholder in Herbalife International Inc. rejected a $172.7-million offer by Rbid.com Inc. to buy its shares in the Los Angeles dietary products distributor. Less than 24 hours after the buyout bid was made public, the Mark Hughes Family Trust said in a news release that "various factors led to the conclusion that the proposal did not warrant discussion or negotiation." The small money-losing electronic commerce company had said it had a commitment from a Cayman Islands company called Marathon Corp. to provide $210 million in financing for acquisitions. Herbalife's Class A shares fell 6 cents Tuesday to close $9.25 each, and Class B shares fell 19 cents to $8.75 each in Nasdaq trading. Rbid.com gained 1 cent to close at $1.60 in over-the-counter trading.

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