Whitney Offer to Buy Out Herbalife

Nutritional supplements company Herbalifesaid Friday it got a buyout offer from Whitney V to buy the company for $38 per share in cash.

Whitney and related parties own about 27% of the company's outstanding stock. With around 71.3 million shares outstanding, roughly 52 million shares are owned by Whitney, which amounts to a buyout worth about $2 billion.

Herbalife's board set up a special committee to review the proposal.