EXHIBIT 99.1
Whitney V, L.P.
130 Main Street
New Canaan, Connecticut 06840
March 30, 2007
Mr. Leroy T. Barnes, Jr., Chairman
Mr. Peter Maslen
Ms. Colombe M. Nicholas
Ms. Valerio Rico
Herbalife, Ltd.
c/o Herbalife International, Ltd.
1800 Century Park East
Los Angeles, CA 90067
Dear Special Committee of the Board of Directors:
Whitney V, L.P. and its
affiliates are disappointed to learn that the Special
Committee (the Committee) has rejected our proposal to acquire all of the
outstanding shares of Herbalife, Ltd. (the Company) for a cash purchase price
of $38.00 per share. We are surprised and disappointed that the Committee chose
not to discuss the proposal with us or include the Companys distributors in its
strategic review process.
As the Companys largest
shareholder, we are committed to maximizing value for
all shareholders. In light of the critical role the Companys distributors have
had in the Companys success, we believe that to maximize shareholder value the
Committee should include distributors in any strategic review process conducted by
the Committee.
As a result of your rejection
of our proposal and your unwillingness to discuss our
proposal or include distributors in your process, we do not believe it would be
fruitful to continue with our proposal. As such, we hereby withdraw the proposal
contained in our letter of February 2, 2007. We also advise you that, depending on
developments concerning the Company and market conditions, we may engage in sales or
purchases of shares of the Company, on the open market or otherwise, from time to
time, in order to decrease or increase our stake in the Company, subject to any
applicable restrictions under U.S. securities laws, including, without limitation,
Rule 144 promulgated under the Securities Act of 1933, as amended.
We will continue to monitor
developments at the Company and reserve the right to
reconsider a possible transaction involving the Company. In addition, we advise you
that we may communicate with members of management, distributors, the Board of
Directors, the Committee, shareholders and others concerning the foregoing or other
matters.
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Very Truly Yours,
WHITNEY V, L.P. |
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By: |
Whitney Equity Partners V, LLC
its General Partner |
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By: |
/s/ Kevin J. Curley |
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Kevin J. Curley |
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Attorney-in-Fact |
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