logo
Share SHARE
FONT-SIZE Plus   Neg

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

Embattled nutritional-supplements maker Herbalife Ltd. (HLF) 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%.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
World's largest oil company Saudi Aramco's initial public offering is on track and the listing will be in the second half of 2018, CEO Amin Nasser said in an exclusive interview with CNBC. There have been reports that the much awaited IPO might be delayed by one year. Taco Bell, the Mexican fast food chain of Yum! Brands Inc., is reportedly testing a new dessert product called the "Kit Kat Chocoladilla" at select locations in Wisconsin. It was tested last year in the UK. Nick Caporella, the chief executive officer of National Beverage Corp., has lashed out at short sellers after his company's shares declined more than 22 percent this month from their September 11 peak. In a statement, Caporella noted that less than 15 percent of the daily volume traded on major exchanges is financially driven by company fundamentals.
comments powered by Disqus
Follow RTT