As part of an amended agreement with Icahn, Herbalife said Hunter Gary, Jesse Lynn and James Nelson would be put up for election, giving Icahn five seats on the 13-member board. Herbalife, whose business practices are being investigated by the Federal Trade Commission, earlier postponed its annual shareholders' meeting to April 29 from April 24 in order to continue talks with Icahn about an increase in board representation. Icahn, Herbalife's biggest shareholder with a 16.8 percent stake, has been supporting the company in its fight against fellow billionaire investor William Ackman. Ackman, who heads Pershing Square Capital Management, has called Herbalife's distribution model a "pyramid scheme" and has run up huge losses since taking out a short position of about $1.16 billion on Herbalife's shares.
via Business News - Yahoo Finance http://ift.tt/1prLue9
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