USANA Health slips 11% after Gull Holdings ends offer to take company private

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USANA Health Sciences Inc. (Nasdaq:USNA) is down 11% today after the pre-market announcement that Gull Holdings Ltd. had terminated its offer to take USANA private. Gull Holdings said it would not receive tenders of enough shares to meet the offer’s non-waivable condition that it own at least 90% of the outstanding shares.

“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,” said Myron Wentz, founder and CEO of Gull, in a statement. “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.”

Shares of Salt Lake City-based USANA are at $24.96 at 11:10 a.m. ET, down $2.99 from Tuesday’s close. The stock is down 51% from a year ago.

For detailed price information and recent news stories about USANA Health Sciences Inc., click USNA.