Bitter Pill? Herbalife Slides After Carl Icahn Says He's Dumping $600 million Of Company Stock
The slump came on the news that activist investor Carl Icahn will be selling about $600 million worth of his stake in the company.
According to Business Insider, Icahn will also give up his firm's five seats on Herbalife's board.
Herbalife will repurchase Icahn's shares for $48.05 per share.
The time for activism has passed as the Company has grown, and I don't typically invest billions of dollars in companies where our role as activist is not needed. Carl Icahn