How is this not covered by Bloomberg/Media? So Carl Icahn sells 25% of his stock back to the company at a set price that is not determined by the market via a special board agreement i.e. a stock buy back. This all happened last week and I am shocked that it is being swept under the carpet.
Has anybody tried the product? I have not so am tempted to sell short but until I try product probably not a good idea, especially since Carl can float the price forever if he so chooses.
Actually the price was very close to market price: $52.50, market price at the time was $50.72. I suspect that Herbalife didn’t want all those shares hitting the market at one time. Before the sale, he had a 26.2% stake. Icahn’s supposed average cost was $21.03/sh. Not too chabby.
Icahn claims that it was representing too large a share of his portfolio, so he reduced the holdings to balance.
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