Carl Icahn sells over half his Herbalife stake for $600 million
By Reuters Staff
JANUARY 4, 20218:59 AM
(Reuters) - Activist investor Carl Icahn has sold more than half his stake in Herbalife Nutrition back to the company for $600 million at $48.05 a share and has given up the five seats on the firm’s board held by his representatives, Herbalife said in a statement.
Icahn had a 15.5% stake in Herbalife as of Sept. 30. The latest deal is expected to close by Jan. 7, after which Icahn Enterprises will hold about 8 million of Herbalife’s shares, representing a stake of about 6%, the statement added.
The Wall Street Journal reported on Sunday that in recent days Icahn had sold about 10% of his stake back to the multi-level marketing company, whose products include dietary supplements.
Icahn's remaining stake is worth about $400 million, according to WSJ
on.wsj.com/3b4a4UR.
Icahn began buying Herbalife shares in 2013 while extolling the company and had since been its largest shareholder.
In 2013, Herbalife and Icahn Enterprises entered into a support agreement that allowed Icahn Enterprises to have five board seats for as long as it held at least 14 million Herbalife shares.
More details in
https://www.reuters.com/article/us-herba...SKBN299053