Bid Too Low For MLM Company Herbalife

MLM company Herbalife Ltd., a company that sells weight-loss and nutritional supplements, on Thursday said a special committee of its directors found that Whitney V L.P.'s acquisition offer of $38.00 per share was too low, but remains open to a higher bid from Whitney.

Whitney already owns a large stake in Herbalife and is looking to acquire the rest of the company.