In the latest news on USANA’s bid to go private, the company has just announced that its board of directors has formed and independent panel to evaluate the buyout offer.

The buyout offer came a week ago from Gull Holdings, Ltd which is controlled by Myron Wentz who happens to also be the CEO of USANA, as well as the nutritional company’s largest shareholder.

The independent council has retained Morrison & Foerster LLP as a legal advisor. The council is planning to seek the advice of a financial advisor before reaching any kind of decision. Having worked with Morrison Foerester before, this is an excellent choice of firms for this potential transaction.

It looks like any kind of decision is still a few weeks away,….we will keep you up to date with any new developments.