Herbalife (NYSE:HLF) Spikes 9.83% on Icahn Settlement
Herbalife Ltd. (NYSE::HLF) said it concluded talks that would have taken the company private and simultaneously reached an agreement with billionaire investor Carl Icahn.
Mr. Icahn built up his stake to become the nutritional-supplement company’s biggest shareholder in recent years, agreed to boost holdings past 50% only if he bought it outright, Herbalife said Monday in a statement. He held about 24% of the company as of June.
Herbalife announced a self-tender offer to buy as much as $600-M of its own shares that comes with a contingent cash payment if Herbalife is acquired in a private transaction within 2 years.
Herbalife will pay 60 – 68/share in the offer, which is scheduled to run through 19 September. Mr. Icahn and the Herbalife board and executives will not sell their shares as part of the offer, according to the statement.
The stock is up over 33% YTD through Monday’s close. Long Term Target 83/share
|NYSE:HLF||68.04||21 August 2017||6.09||67||69.39||66.62||7,223,500|
|HeffX-LTN Analysis for HLF:||Overall||Short||Intermediate||Long|
|Neutral (-0.09)||Bearish (-0.25)||Neutral (0.10)||Neutral (-0.11)|