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Herbalife Says Icahn Plans to Keep Shares as Lockup Ends

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.