(Reuters) – Activist investor Carl Icahn has sold more than half his stake in Herbalife Nutrition back to the company for $600 million at $48.05 a share and has given up the five seats on the firm’s board held by his representatives, Herbalife said in a statement.
Icahn had a 15.5% stake in Herbalife as of Sept. 30. The latest deal is expected to close by Jan. 7, after which Icahn Enterprises will hold about 8 million of Herbalife’s shares, representing a stake of about 6%, the statement added.
The Wall Street Journal reported on Sunday that in recent days Icahn had sold about 10% of his stake back to the multi-level marketing company, whose products include dietary supplements. Reuters News