Monday, 30 November 2015
Last updated 3 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.”
Oct 21 2015 | 10:41am ET
One of the most unique charity benefits in the hedge fund industry, A Leg To Stand On's (ALTSO's) Hedge Fund Rocktoberfest - NYC, raised nearly $500,000 last Thursday thanks to the generous support of major sponsors and nearly 1,400 attendees from the Tri-State finance, business and hedge fund communities. Read more…