Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Herbalife To Increase Board Size, Nominate 2 Icahn Representatives To Board

RELATED NEWS
Trade HLF now with 

Embattled nutritional-supplements maker Herbalife Ltd. (HLF: Quote) said Thursday that it has reached an agreement with Carl Icahn, Icahn Enterprises Holdings L.P. and certain related entities, which beneficially own, in the aggregate about 14.02 million Herbalife shares representing about 13.6% of the company's outstanding shares.

As part of the agreement, Herbalife will increase the size of its Board of Directors from nine to eleven members immediately before the 2013 Annual General Meeting of Shareholders. Herbalife's board will nominate two individuals to the company's board, designated by the Icahn parties and approved by the company's Nominating and Corporate Governance Committee.

Under the terms of the agreement, the Icahn parties have agreed to, among other things, abide by certain standstill provisions and vote their shares in support of all of the Board's director nominees.

The Icahn parties have also the right to increase the size of their ownership position in Herbalife up to 25% of the outstanding common stock.

Herbalife shares are currently trading at $39.90, up $3.46 or 6.57%.

Click here to receive FREE breaking news email alerts for Herbalife Ltd. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
After moving modestly higher in morning trading, stocks showed a substantial move to the downside over the course of the trading day on Wednesday. The major averages pulled back well off their highs for the session, sliding firmly into negative territory. Ebola "czar" Ron Kain is scheduled to meet with President Barack Obama on Wednesday as he begins his efforts to coordinate the government's response to the deadly disease. Klain, who previously served as chief of staff to Vice President Joe Biden and then-Vice President Al Gore, was named as Ebola Response Coordinator last Friday. Potentially complicating the outlook for control of the Senate, the results of a SurveyUSA poll conducted for WXIA-TV in Atlanta suggest that the Georgia Senate race between Republican David Perdue and Democrat Michelle Nunn could be headed for a runoff.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.