Ryan Drexler, a former senior executive and equity owner of market-leading Country Life Vitamins and holder of 341,000 shares, or 3.1% of the outstanding common stock of Nutraceutical International Corp. (NasdaqGS: NUTR), today announced his proposal to acquire all of the outstanding shares of Nutraceutical International Corp. (NasdaqGS: NUTR) in a negotiated all-cash transaction of $10.75 per share.
In his letter to the Board, Mr. Drexler wrote: "...I believe the company is sorely underperforming and in dire need of management direction and expertise. Twice before I have reached out to the board in an effort to find a mutually beneficial path toward unlocking value for all Nutraceutical shareholders and twice before I have received cursory rejections. This is in spite of the fact, known to management, that I personally have a long track record of success as an executive and equity owner in the nutritional supplement and natural product industry.
"I am reaffirming in this letter that I am prepared to immediately negotiate an all-cash transaction at $10.75 per share, the price that I previously proposed to the board, which could possibly be increased following completion of due diligence. This proposal allows holders to immediately realize value in what is currently an illiquid holding. I encourage the board to support my proposal as what it is: in the best interest of Nutraceutical shareholders, customers and employees."
Prior to selling his family company to Kikkoman Corporation in 2007, Drexler spent 15 years as a senior executive at Country Life, where he successfully created new brands, developed strategic objectives and led acquisitions. Country Life is a market leader in the nutritional supplements and natural products industry.