P. M. BRIEFING : Shaklee Accepts Japanese Offer
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SAN FRANCISCO — Shaklee Corp., the direct sales company on the run from investor Irwin Jacobs, today closed the door on its hostile bidder by accepting a $395-million offer from Japan’s Yamanouchi Pharmaceuticals Co. Ltd.
The offer, $28 a share in cash, is in addition to Shaklee’s special $20-a-share dividend, which the company announced last week to thwart Jacobs. Jacobs’ unsolicited offer is $40 a share without the dividend and $20 a share with the pay out. Shares of Shaklee jumped $9.125, or 24%, to $47.25 on the New York Stock Exchange by midday.
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