Whitney Pulls Herbalife Bid

J.H. Whitney & Co. has withdrawn its $38 per share buyout offer for Herbalife Ltd. (NYSE: HLF), after the company's board rejected the bid for being too low. In a letter to the board, Whitney said it 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 holds approximately 27% of Herbalife's outstanding stock. www.herbalife.com