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Icahn Sells $600 Million Herbalife Stake, Gives Up Board Seats

  • Herbalife agrees to repurchase shares at $48.05 apiece
  • Icahn will give up five board seats, keeping about 6% stake
Carl Icahn

Carl Icahn

Photographer: Victor J. Blue/Bloomberg

Billionaire investor Carl Icahn will sell about $600 million-worth of his stake in Herbalife Nutrition Ltd., further winding down his holdings in the nutritional-supplements company after a tumultuous eight-year investment.

Herbalife has agreed to repurchase the shares from Icahn at $48.05 each, which was the closing price on Thursday, according to a statement on Sunday. The billionaire is also giving up his five seats on the board of the company, while Icahn Enterprises LP will trim its holdings to about 6% on or before Jan. 7.