LUK Leucadia National Corp.

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)

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