Friday, 30 January 2015
Last updated 5 hours 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.”
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…