Benzinga | Aug 12, 2020 08:44AM EDT

Carl Icahn Issues Statement On Herbalife, Says Sold ~14.7M Shares Via Co.'s Self-Tender Offer; Icahn Remains Largest Shareholder, Says 'we continue to strongly believe in the great future of the Company'

Sunny Isles Beach, Florida, August 12, 2020 -- Today, Carl C. Icahn issued the following statement regarding Herbalife Nutrition Ltd. (NYSE:HLF):

Yesterday, Icahn Enterprises L.P. (NASDAQ:IEP) sold approximately 14.7 million shares pursuant to Herbalife Nutrition's self-tender offer. We remain the Company's largest shareholder with approximately 20.5 million shares, representing approximately 15.5% of the outstanding shares, and we continue to strongly believe in the great future of the Company.

IEP's investment in Herbalife is a quintessential example of our activist investment strategy. In late 2012 and early 2013, the stock was meaningfully out of favor for a number of reasons. We studied the business and assessed the risks. At that time, we concluded that the risk/reward ratio was very favorable. We amassed a large position and joined the Board. Our directors worked closely with management to stabilize the Company.

We believe that all shareholders have benefited from our involvement with the Company. An investment in Herbalife made on the first day we began purchasing shares would have earned a total return of approximately 200% through yesterday.

We wish to congratulate and thank all employees, management and the independent distributors who stood by and helped to steer the Company so effectively over the last 8 years.