Herbalife Shares Rise as Icahn Gets More of BoardMonday, March 24, 2014
Herbalife shares rose Monday after the company announced it is nominating three more designees of Carl Icahn to its board.
With a stake of about 17 percent in the downtown Los Angeles nutritional supplements company, Icahn is Herbalife’s largest shareholder. He has supported the company as it has come under attack from hedge fund manager Bill Ackman, who has placed a $1 billion short-sale bet that Herbalife shares will fall.
Shareholders will vote on the board nominees at Herbalife’s annual meeting April 29. Icahn would control five of 13 board seats after the vote.
Herbalife shares rose 6.7 percent to close at $52.86 in Monday trading on the New York Stock Exchange.