Herbalife Ltd. said billionaire Carl Icahn, the nutrition company’s largest investor, plans to keep his shares even after the expiration of a provision that would prevent him from selling.
The so-called lock-up was set to expire when Herbalife’s five-day, volume-weighted average price rose to at least $73 or on Feb. 28, whichever happened sooner. The average reached $76.65 at yesterday’s close, Tim Ramey, an analyst at D.A. Davidson & Co. in Lake Oswego, Oregon, said today in a note. Icahn is restricted under insider-trading regulations as to when he can buy and sell.