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Gull Holdings Terminates Offer to Acquire USANA Health Sciences, Inc. (USNA)

Gull Holdings, Ltd. and Unity Acquisition Corp. recently announced that they have terminated their acquisition offer to purchase all of the outstanding shares of USANA Health Sciences, Inc. (NASDAQ: USNA), a developer and manufacturer of high-quality nutritional and personal care products that are sold directly to preferred customers and associates throughout 13 international markets.

Upon review of the results of the acquisition offer and feedback from the company’s shareholders, Gull Holdings, Ltd. realized that they would not receive tenders of a sufficient number of shares to satisfy the non-waivable condition to the offer that the purchaser own at least 90 percent of the outstanding shares following the completion of the offer. Therefore, Gull Holdings decided to terminate the offer.

Gull Holdings, Ltd., which is controlled by USANA’s chairman and chief executive officer Myron Wentz, originally presented an offer to acquire USANA in May for $26 per share, which was increased to $28 per share on June 30. USANA’s board of directors recommended that shareholders reject the offer. On Thursday, July 17, 2008, USANA shares fell 9.6 percent to $25.27 per share in early trading on news of the termination of the offer.

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