Herbalife

Tender offer by Chairman and CEO Mark Hughes for the company's Class A and Class B stock is terminated, as is the buy-out agreement Hughes arranged between his MH Millenium Acquisition Corp. and Herbalife. In an April 10 statement, Hughes attributed the transactions' termination to "extremely adverse conditions in the credit markets," but said the firm will continue to "maximize shareholder value by expanding and improving the Herbalife business worldwide." Hughes had announced his intention to buy all the company's remaining shares and take it private on Sept. 13, stating Herbalife had "not been rewarded in the public equity markets" (1"The Tan Sheet" Sept. 20, 1999, p. 15)