Friday, 19 December 2014
Last updated 30 min ago
May 7 2014 | 11:03am ET
Continuing its effort to put pressure on Pershing Square Capital Management, Herbalife today announced that it would buy back another $266 million of its stock.
The seller is Bank of America Corp. The exact number of shares repurchased will be determined by the average volume-weighted price of the stock during the program, which is set to close at the end of the quarter.
Last month, Herbalife said it would stop paying out a dividend and use the money saved to repurchase shares. Herbalife’s stock has fallen sharply this year as it faces a number of state and federal probes into Pershing Square’s allegation that it is a pyramid scheme.
The BofA deal quickly won the praise of Carl Icahn, who owns a 17% stake in the company. He said the buyback was a “great move” and “confirms confidence in the future.”
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.