The odd battle for network marketing company Herbalife
(NYSE:HLF) continues, and Carl Icahn seems to have taken a victory. The company has just announced a new agreement with the billionaire investor wherein Icahn has the right to increase his stake to up to 25% of common stock. Moreover, the company agreed to increase the size of its board from nine to 11, with two Ichan nominees being added. Speaking with Bloomberg TV, Icahn said his two "top people" will join Herbalife's board. The stock was halted before the
news was announced and has since risen to $40.29 to close the session up by 7.61%.
On Bloomberg TV, Icahn seemed positively thrilled about the news, saying, "We've done a hell of a lot of work on this. We're excited about this." As for his sparring partner in the battle over Herbalife, Bill Ackman, he said, "I think that Ackman has given us an opportunity to buy a company cheaply, at a discounted price."
The billionaire beef has been fun to watch and follow, but is this news a sign that Icahn will be claiming a victory?
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No positions in stocks mentioned.