Herbalife Increases Board, Will Add Two Icahn Appointees

Icahn and his company, Icahn Enterprises Holdings LP (NASDAQ: IEP) and other related companies currently own about 13.6% of Herbalife’s outstanding shares. Icahn has the right under today’s agreement to expand his ownership to 25% of the outstanding common stock. In exchange, Icahn and his companies have agreed to “certain standstill provisions and to vote their shares in support of all of the Board’s director nominees.”

Herbalife shares had been trading up all day and jumped about another dollar when trading was re-started. Shares are trading at around $49.55, up 5.6%, in a 52-week range of $24.24 to $73.00.