Herbalife Ltd. (NYSE:HLF) stock was surging today on news of a self-tender offer from the company.

Herbalife Ltd. says that it is holding a modified version of a Dutch auction that will have it offering between $60 and $68 for each share of HLF stock. According to the company, this offer will also include a non-transferable contractual contingent value right (CVR) for each share tendered.

The CVR right will come into play if the company goes private within two years from the start of its tender offer. The company says the decision to tender offers was made due to recent negotiations to go private that were canceled on Aug. 16, 2017.

Herbalife Ltd. says that it has also gotten confirmation from certain shareholders that they won’t take part in the tender offer. This includes the company’s Board of Directors and executive officers. Carl Icahn, the largest shareholder in the company, also says he doesn’t intend to take part in the offer.

Icahn Enterprises LP (NASDAQ:IEP) has also made another agreement with Herbalife Ltd. This deal will have it not increasing its stake in HLF stock above 50% for two years following the tender offer. However, the shareholder is allowed to do so if it intends to acquire 100% of outstanding HLF shares.

Herbalife Ltd. says that it will continue the tender offer until 5:00 p.m. Eastern Time on Sept. 19, 2017. The company says that it retains the right to extend the tender offer beyond this date.

HLF stock was up 11% as of Monday morning and is up 42% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.