Herbalife To Buy Back $600 Mln Of Shares From Carl Icahn

(RTTNews) - Herbalife Nutrition Ltd. (HLF) said it reached an agreement to repurchase about $600 million of the company's common shares beneficially owned by Carl C. Icahn and certain of his affiliates, at a purchase price of $48.05 per share, the closing price of Herbalife Nutrition's common shares on December 31, 2020.

Therefore, all five director designees previously nominated by Icahn Enterprises resigned from the company's board of directors on January 3, 2021.

The transaction is expected to close no later than January 7, 2021, and Icahn Enterprises will then hold about 8 million Herbalife Nutrition common shares, representing about 6% of the outstanding shares.

Icahn began buying Herbalife shares in 2013.