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Bill Ackman: Carl Icahn looks to sell Herbalife because ‘he knows this is toast’ – CNBC

August 26
15:01 2016

Hedge fund manager Bill Ackman told CNBC on Friday he was approached indirectly by Carl Icahn to purchase the billionaire’s stake in Herbalife — Ackman’s longtime short target.

Asked why Icahn would want to sell his stake in Herbalife, Ackman responded: “I think he knows this is toast” and “he’s made bunch of money.”

Herbalife shares slumped about 6 percent Friday after Ackman made his comments.

The Pershing Square Capital Management founder confirmed the gist of a Wall Street Journalreport that Icahn was considering selling his stake in Herbalife to a group including the nutritional supplement firm’s arch-nemesis Ackman.

Icahn “came to me” through investment bank Jefferies Group with a proposal in early August to “cover my short” position, Ackman said on“Squawk Box.”

Continue Reading at CNBC

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