Herbalife Hit on Bid Withdrawal

Whitney V will consider its options.
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Private equity fund Whitney V withdrew its $38-a-share offer to buy Herbalife (HLF) - Get Report a day after a special panel of the nutritional supplement company's board rejected the bid as too low.

The New Canaan, Conn., firm said it was "disappointed" with the rejection and was "surprised and disappointed that the committee chose not to discuss the proposal with us or include the company's distributors in its strategic review process."

Whitney, which owns 27% of the stock, says it may reconsider in the future or take action to boost or cut its stake.

Shares fell $2.52 early Friday to $37.75.