Herbalife Ltd. (NYSE: HLF) stock up about 11% after the nutrition company announced that it has, “commenced a modified Dutch auction self-tender offer to purchase for cash up to an aggregate of $600 million of shares of its common stock at a per share price not less than $60.00 nor greater than $68.00.” Shares of the company are up in value more 40% year to date.

According to the company, for each share tendered shareholder will receive a contingent cash payment   a non-transferable contractual contingent value right ("CVR”), which will allow participants to receive a c ash payment if Herbalife will be acquired in a going-private transaction within two years of today's commencement of the tender offer.

 "Our Board and management team are committed to enhancing shareholder value and we believe today's action is just one more step in meeting this goal," said John DeSimone, Chief Financial Officer. "We have already acquired during 2017 approximately $299 million of our shares on the open market under our current $1.5 billion share repurchase plan, and we believe this tender offer provides us an efficient way to buy back additional shares at an attractive price."