Herbalife Ltd. HLF shares spiked higher Wednesday after the Benzinga Pro newswire reported that Carl Icahn is not selling his stake in the company, according to sources familiar with the matter.
Shares of Herbalife were trading down roughly 2 percent Wednesday after rumors surfaced that Carl Icahn may be selling his stake in the company. According to his most recent filing, Icahn is the largest shareholder of the stock with 17 millions shares valued at almost $1 billion.
On July 15, Herbalife announced that the board gave Icahn the right to purchase up to 34.99 percent of the company, up from the previous 25 percent limit.
"I have always believed in Herbalife's strong fundamentals and am pleased the Board has decided to increase my ownership limit from 25% to 34.99% of the company's outstanding shares. A significant part of my investment success is directly tied to our in-depth investment research and understanding of often complex and unique issues facing companies," Icahn said in a response at the time.
At last check, shares of Herbalife were down 2.7 percent at $61.76.
Have any news tips? Email tip@benzinga.com and we'll be sure to look into it.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
