Blyth Inc. (BTH) announced that the company and the other members of ViSalus have reached an agreement whereby Blyth increased its ownership in ViSalus to more than 80% for a payment of $57.4 million to the other members of ViSalus.
In addition, the other members of ViSalus have agreed to exchange their membership interests for capital stock of ViSalus, Inc. which will be redeemable in December 2017 for a total redemption price of $147.5 million. ViSalus will also redeem in January 2013 all of the outstanding interests under its Equity Incentive Plan for $25.3 million, which will be funded by Blyth.
The new agreement between Blyth and the other members of ViSalus provides for a series of transactions that achieve the mutually-shared objectives of providing ViSalus' Founders and its management team the opportunity to participate in ViSalus' future results through their ongoing ownership and participation in a new management incentive plan.
In addition, the new agreement should improve Blyth's long-term liquidity by providing for a redemption of the ViSalus stock it does not own in December 2017. All of the members of ViSalus agreed to sell their interests in ViSalus ratably, allowing Blyth to achieve an ownership position in excess of 80%.
In addition, ViSalus is entering into new five-year employment agreements with Ryan Blair, ViSalus' Chief Executive Officer, and Blake Mallen, its Chief Marketing Officer. ViSalus also intends to create a management incentive plan and to issue stock options and restricted stock units that will vest over an eight-year period to Blair, Mallen and ViSalus' third Founder, Nick Sarnicola, Global Ambassador. ViSalus also intends to issue stock options and restricted stock units to its senior management team that will vest over a three-year period.
ViSalus also announced that it will adopt a dividend policy pursuant to which it intends to pay regular cash dividends to its stockholders, subject to approval by its and Blyth's boards of directors.
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