Usana CEO reiterates offer to purchase company; board not in favor of deal

By Lisa Kerner

Charlotte, N.C., June 23 - Gull Holdings, Ltd. and Unity Acquisition Corp. reaffirmed their offer to purchase Usana Health Sciences, Inc. following the company's announcement of preliminary second-quarter 2008 results.

Usana also filed an amended schedule 14D-9 with the Securities and Exchange Commission, according to a Gull Holdings news release.

While Usana's preliminary earnings per share announced remained lower than the year-ago quarter, Gull Holdings noted that the preliminary net sales were slightly above the 2007 second quarter.

Gull Holdings, with a 68% stake in Usana, is controlled by Usana chairman and chief executive officer Myron Wentz.

On June 20, Usana said its board of directors unanimously determined that the tender offer by Unity and some shareholders of Usana, including Wentz and Usana president David A. Wentz, is inadequate and not in the best interests of Usana's shareholders.

Usana shareholders were urged to reject the offer and not tender their shares, it was previously reported.

Gull Holdings, through Unity, began a $26-per-share tender offer on June 2 to purchase all outstanding shares of common stock of Usana that Gull and other participants in the offer do not already own.

The tender offer, valued at $138 million, is slated to end at midnight ET on June 27 unless extended.

Usana is a nutritional and personal care products company located in Salt Lake City.

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