Carl Icahn Buys More Herbalife Shares
August 26 2016 - 5:40PM
Dow Jones News
Carl Icahn bought more shares in Herbalife Ltd. on Friday after
the stock fell on a Wall Street Journal article that reported he
had discussed possibly selling his stake, including in part to
rival William Ackman.
Mr. Icahn purchased 2.3 million shares, he said in a statement,
which would bring his total to more than 19 million, or more than
20%. He reiterated he believes in the company, and took several
shots at Mr. Ackman.
Mr. Ackman had publicly confirmed in a television interview
Friday that he had gotten calls about buying part of Mr. Icahn's
Herbalife stake from bankers at Jefferies Group LLC.
The about-face is representative of the bitterness and
antagonism of a fight that has brewed since late 2012 over the
maker of nutritional products, which Mr. Icahn supports and Mr.
Ackman says is a pyramid scheme.
"Ackman may be a smart guy but he has clearly succumbed to the
same dangerous (and sometimes fatal) malady that afflicts many
investors—he's developed a very bad case of 'Herbalife obsession,'
" Mr. Icahn said in the statement.
Herbalife shares had fallen as much as 7.8% earlier Friday on
concern Mr. Icahn would sell, but ended down only 2.3%, to $60.50,
spurred in part by a dramatic late buying surge. After hours
following the statement, Herbalife rose 4%.
Write to David Benoit at david.benoit@wsj.com
(END) Dow Jones Newswires
August 26, 2016 17:25 ET (21:25 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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