Activist investor Carl Icahn's investment company Icahn Enterprises LP said May 25 it tendered 11.4 million shares of beauty products maker Herbalife Nutrition Ltd. out of 45.7 million shares of the company the fund currently owns.
After selling the shares, Icahn will still be the largest stakeholder in Herbalife with at least 34.3 million shares.
"But, given that our Herbalife investment has become an outsized position, representing approximately 24% exposure to total NAV, it is only prudent for IEP to reduce its exposure," Icahn Enterprises said.
Herbalife, which launched the "modified Dutch auction" self-tender offer to purchase in cash up to $600 million shares of its common stock, said a total of approximately 49.7 million common shares were properly tendered and not properly withdrawn at or below the price of $52.50 per share. The company also said it expects to accept approximately 11.4 million common shares for payment at $52.50, for a total cash cost of approximately $600 million.
