Irvine Firm Says It’s Seeking Stake In Herbalife
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Rbid.com Inc., a small Irvine electronic commerce company, said late Monday that it has offered to pay $172 million for a controlling stake in dietary products distributor Herbalife International Inc.
Rbid.com, which picked up $210 million in financing last week, said it has extended its offer only to the Mark Hughes Family Trust, which owns nearly 54% of the Los Angeles company.
Rbid.com said it would pay $10.25 a share in cash for the trust’s 5.95 million Class A common shares and $9.50 a share for the trust’s 11.8 million Class B common shares, according to a news release. Executives at the companies could not be reached for comment.
Rbid stock, which trades over-the-counter, lost 27 cents Monday to close at $1.59 a share.
Herbalife stock gained 6 cents Monday to close at $9.31 a share in Nasdaq trading.
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Bloomberg News contributed to this report.
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