Activist investor Carl Icahn has increased his stake in nutritional supplements maker Herbalife Ltd. (HLF), a regulatory filing showed Thursday.
Icahn increased his stake to 15.55 percent from the previous 13.6 percent. He now holds 16.03 million shares in the company.
Last month, the firm agreed to accept two Board nominees of Icahn, and said it would expand the Board strength by two members.
As per the terms with Icahn, the nutrition company is to enhance its Board size to 11 members immediately before the 2013 annual meeting of shareholders. Icahn and his affiliates also have the right to increase the size of their stake in Herbalife up to 25 percent of the outstanding common stock.
HLF, which closed unchanged at $41 on Thursday, added 1.8 percent in the extended trade.
by RTT Staff Writer
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