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Herbalife held unsuccessful sale talks

FILE - This Wednesday, May 11, 2016, file photo, shows the exterior of Herbalife's corporate office in Los Angeles. Herbalife says it was recently in talks with a financial institution to become a private company, but those discussions have ended. In response, the seller of weight-loss shakes says it is selling $600 million worth of its shares to shareholders in an auction. Shares of Herbalife Ltd. jumped 8 percent to $67.16 before the stock market opened Monday, Aug. 21, 2017. (AP Photo/Damian Dovarganes, File) FILE - This Wednesday, May 11, 2016, file photo, shows the exterior of Herbalife's corporate office in Los Angeles. Herbalife says it was recently in talks with a financial institution to become a private company, but those discussions have ended. In response, the seller of weight-loss shakes says it is selling $600 million worth of its shares to shareholders in an auction. Shares of Herbalife Ltd. jumped 8 percent to $67.16 before the stock market opened Monday, Aug. 21, 2017. (AP Photo/Damian Dovarganes, File)

By Associated Press August 21, 2017 1 min read

NEW YORK (AP) – Herbalife says that it was in talks to be acquired and taken private, but that those negotiations ended last week.

The nutritional supplement company said Monday that in response to those talks, it is selling $600 million worth of its shares to existing investors in an auction. Herbalife, which has its U.S. headquarters in Los Angeles, says it wants to give shareholders a chance to buy more stock in case the company is taken private within two years. The maneuver, known as a modified Dutch auction, will allow shareholders to pay between $60 per share and $68 per share. The offer ends next month.

Shares of Herbalife Ltd. are up 8 before the opening bell.