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
Fast food giant McDonald's on Wednesday announced its global growth plan, targeting sales growth of 3-5% beginning in 2019. The company also highlighted its vision for new restaurants relying on technology such as self-ordering kiosks, curbside pick ups and partnerships with delivery services. At... Canadian drug-maker Valeant Pharmaceuticals International, Inc. on Tuesday reported a loss for the fourth quarter that widened from last year on a double-digit decline in revenues. However, both revenue and adjusted earnings beat analysts' estimates. Valeant also said it plans to relaunch its sexual dysfunction drug Addyi in the U.S. Electronics retailer Best Buy Co., Inc. Wednesday issued guidance for first-quarter adjusted earnings and revenues, below market estimates. Comparable sales are expected to be weak. For fiscal 2018, the company projects higher revenues and operating income. In its fourth quarter, the company posted higher profit, above market view, while revenues missed estimates with lower comparable sales.
comments powered by Disqus
Follow RTT