2008-07-16 08:15:00
SALT LAKE CITY–(EMWNews)–Gull Holdings, Ltd. and Unity Acquisition Corp. announced today that
they are terminating their offer to purchase all of the outstanding
shares of USANA Health Sciences, Inc. (NASDAQ:USNA). After further
reviewing the results of the offer and receiving additional feedback
from shareholders, it became clear that the purchaser would not receive
tenders of a sufficient number of shares to satisfy the non-waivable
condition to the offer that the purchaser own at least 90% of the
outstanding shares following the completion of the offer. As a result,
the offer participants have decided to not undertake the actions that
would be necessary to lift the preliminary injunction imposed by the
Third Judicial District Court of Salt Lake County, Utah and to terminate
the offer.
“Our offer to shareholders to purchase the
publicly-held shares of USANA was intended to provide shareholders with
an opportunity for immediate liquidity at a significant premium to the
trading price for the shares,” said
Dr. Myron W. Wentz. “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. Our mission has
always been to develop and provide the highest quality, science-based
health products, distributed internationally through network marketing.
We will continue to pursue this mission for the benefit of all
shareholders.”
Forward-Looking Statements
This press release contains forward-looking statements, including but
not limited to statements regarding the plans and prospects for USANA.
Actual results could differ materially from those projected in these
forward-looking statements, which involve a number of risks and
uncertainties. We undertake no duty to update any forward-looking
statements included in this release.
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