Tuesday, 30 June 2015
Last updated 2 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.”
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…