Synnex buys controlling interest in Civilink
CHINA - ChinaTechNew.com, April 9, 2007: SYNNEX Corporation (SNX) has purchased controlling interest of Cayman-based China Civilink (Cayman), which operates in China as HiChina Web Solutions, a domain name registrar and website hosting firm.
“HiChina is a well respected organization and a pioneer in the eCommerce business in China,” stated Robert Huang, president and CEO of SYNNEX Corporation. “This acquisition provides SYNNEX with an effective eCommerce vehicle and a broad customer base, including over 300,000 profiled end-users, to evolve our emerging supply chain services business in China.”
HiChina is headquartered in Beijing and has approximately 360 employees. This company will continue to operate as a stand-alone entity under the HiChina Web Solutions name. Neither company released details on the amount of money used to purchase this stake.
Whitney & Co eyeing Herbalife Ltd
USA - Bloomberg.com, April 9, 2007: Herbalife Ltd., a seller of nutritional and weight-loss supplements, said talks about a sale to its largest shareholder Whitney & Co. ended.
A special committee set up to consider an offer was disbanded, Herbalife said in a statement.
The vitamin seller said April 5 that Whitney was considering raising a previous offer of $2.7 billion, which Herbalife had rejected last month as insufficient. Whitney was among the investors that took Herbalife public in 2004.
“The stock is worth a lot more than what they were bidding,’’ said Rommel Dionisio, an analyst at Wedbush Morgan Securities in Los Angeles, who rates the shares “buy.’’ “It’s welcome news because it allows the stock to now trade on its fundamental strength.’’
Dionisio doesn’t expect any additional bids for Herbalife.
Whitney controlled 26 percent of Herbalife shares as of March 19, according to data compiled by Bloomberg. The private- equity firm, based in Stamford, Connecticut, helped take Herbalife public in 2004, two years after joining with Golden Gate Private Equity Inc. to buy it for $685 million and take it private.
Herbalife said that Whitney will continue to monitor developments at the company, which is based in the Cayman Islands.
