FILE --In this Friday, Sept. 8, 2006 file photo, provided by Herbalife, a worker cleans the logo on the Herbalife sign as finishing touches are put on the company's new building in Torrance, Calif., Herbalife, the company caught in the middle of a hedge fund dogfight, says revenue and profit grew at the end of 2012. (AP Photo/Herbalife, Susan Goldman) NO SALES
Icahn increases stake in Herbalife
Published: 11:05:59 PM, Thu 07 March 2013 UTC
Activist investor Carl Icahn is increasing his stake in Herbalife.
An SEC filing Thursday showed that the billionaire investor now has a 15.55 percent stake in the dietary supplements company. That is up from an earlier 13.6 percent stake.
Herbalife Ltd. and Icahn have agreed that he can raise his stake in the company to as much as 25 percent and add two new members of his choice to the company's board.
The investor has been in a very public dispute with hedge fund manager William Ackman over the company. Icahn has backed Herbalife, but Ackman has a negative bet on the company, shorting its stock, and has accused it of being a pyramid scheme.
Herbalife shares increased nearly 2 percent to $41.72 in after-hours trading.
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