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Carl Icahn

BUSINESS
May 7, 2013 | By Stuart Pfeifer, Los Angeles Times
Herbalife Ltd. shares gained 4% and traded part of Monday above the price they were when hedge fund manager Bill Ackman first accused the Los Angeles nutritional products company of operating a long-running pyramid scheme. The company's stock price plummeted Dec. 19 after Ackman publicly disclosed that he had taken a $1-billion short position against its shares. In the four trading days after Ackman's announcement, the stock fell 43%, reaching an intra-day low of $24.24 on Christmas Eve. Taking a short position involves borrowing shares at a high price and selling them, expecting to repurchase them later when the price falls and thus profit from the decline in stock prices.
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BUSINESS
April 29, 2013 | By Stuart Pfeifer
Los Angeles nutritional products company Herbalife Ltd. reported $1.1 billion in first-quarter sales and profit that soundly beat analysts' expectations and its own guidance. The company reported earnings of $118.8 million, or $1.10 a share, up from $108.2 million, or 88 cents, in the same period last year. The company had forecast earnings of $1.03 to $1.07 a share. Herbalife said revenue was $1.1 billion, a 17% increase from the same period last year. The company has beat analysts' earnings estimates for 17 consecutive quarters.
BUSINESS
April 25, 2013 | By Stuart Pfeifer
Herbalife Ltd. might have had one of the quickest annual meetings of 2013. The nutritional supplements company, battling a billionaire investor's bet that its stock will tank, began its yearly gathering of shareholders a few minutes after 9 a.m. in Beverly Hills. It was over 14 minutes later. The company did not take questions from the audience, which consisted of about 50 people -- most of them Herbalife employees. The board quickly announced the approval of an executive compensation plan for Chief Executive Michael Johnson and five other top executives.
BUSINESS
March 11, 2013 | By Chris O'Brien
Dell Inc. saw its stock jump 1.26% in midday trading on Monday after the company reached an agreement to let shareholder activist Carl Icahn see its books.  Icahn Enterprises disclosed that it had signed a confidentiality agreement with Dell that will allow it to examine the company's financial records. The stock was up $.18 to $14.34. Founder Michael Dell is leading a group of investors who have proposed taking Dell private. That group has offered $13.65 per share, valuing the deal at about $24.4 billion.
BUSINESS
February 28, 2013 | By Stuart Pfeifer, Los Angeles Times
Herbalife Ltd. said it will add two more directors to its board and allow them to be picked by billionaire activist investor Carl Icahn, who is now one of the nutritional product maker's biggest shareholders. Icahn has backed Herbalife in its fight against hedge fund manager William Ackman, who accused the Los Angeles company in December of operating a pyramid scheme. The two famed Wall Street investors have been taking swipes at each other for weeks. Herbalife also announced that Icahn has the right to increase his stake in Herbalife to 25% from the nearly 14% he disclosed last month.
BUSINESS
February 28, 2013 | By Stuart Pfeifer
Herbalife Ltd. announced an agreement with billionaire investor Carl Icahn, who owns more than 13% of Herbalife's stock, that will allow him to add two members to its board and give him the right to increase his holdings to one-quarter of the company's shares. Trading in the company's stock was halted in advance of Thursday's announcement, then took off after the freeze was lifted. Herbalife shares were up $2.19, or 5.8%, at 37.44 Thursday morning. “We are pleased to have reached this agreement and look forward to working with the Icahn representatives as members of our board of directors,” Herbalife Chairman and Chief Executive Michael O. Johnson said in a statement.
BUSINESS
February 25, 2013 | Stuart Pfeifer
The business The company sells weight-loss, nutrition, hair- and skin-care products in more than 80 countries, utilizing independent distributors who profit from their own sales and sales from others they recruit into the business. Its top-selling product is cookies and cream flavor Formula 1, a high-protein, meal-replacement shake mix. Herbalife does very little mainstream advertising and does not sell products in retail stores. Instead it relies on a network of independent distributors who recruit customers, counsel them about nutrition and fitness and sell them products.
BUSINESS
February 20, 2013 | By Stuart Pfeifer
Herbalife Ltd. Chief Executive Michael Johnson said the company has had "short discussions" with billionaire investor Carl Icahn, who last week disclosed that he had purchased 13% of the company's stock and would consider efforts to take the company private. Johnson, speaking to analysts in a conference call Wednesday morning, did not elaborate. "Yes, we've had short discussions with Mr. Icahn but beyond that nothing concrete to discuss," Johnson said. Icahn and hedge fund manager Bill Ackman have engaged in a public battle about the value of Herbalife, a Los Angeles maker of weight loss and nutritional products.
BUSINESS
February 15, 2013 | By Andrew Tangel
NEW YORK -- Corporate raider Carl Icahn says he did not purchase $214 million worth of Herbalife just to undermine a massive bet against the company taken by his foe and fellow financier Bill Ackman. “I don't like Ackman - everybody knows that. I don't respect him -- everybody knows that," Icahn said in a phone interview on CNBC Friday morning. “As a great investor - that's what he's called me -- I do not buy things just to get even with anybody.” Icahn, who disclosed in regulatory filings Thursday he had purchased a nearly 13% stake in the L.A.-based company, told the television network that Herbalife is under-valued and ripe for restructuring or going private.
BUSINESS
February 15, 2013 | By Andrew Tangel
Herbalife Ltd. shares soared after documents revealed corporate raider Carl Icahn's huge stake in the Los Angeles-based maker of nutritional foods and supplements. Shortly after the opening bell on Wall Street, Herbalife shares added $4.72, or 12.3%, to $42.99. A regulatory filing Thursday showed Icahn has paid $214 million for 14 million Herbalife shares, or 13% of the company. Icahn previously would not disclose whether he had invested in the company. The storied billionaire investor recently squared off, on live television, with fellow New York hedge fund manager Bill Ackman, chief executive of Pershing Square Capital Management.
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