Herbalife Ltd. rose after billionaire Carl Icahn bought more than 2.3 million shares in the embattled nutrition company, a the high-profile target of fellow billionaire activist investor Bill Ackman.
The stock advanced as much as 3.5 percent to $62.64 in New York. Herbalife had fallen Friday after Ackman said Icahn was looking to sell his stake, not increase it. The comment led to about 10.4 million shares trading hands, or more than six times its daily average. Icahn waited until after Friday’s market close to announce that he’d added 2.3 million shares to his stake.
