On Air Now

Current Show

Jill on Money   6:00 AM - 8:00 AM

Follow Jill on Twitter @jillonmoney

Show Info »

Upcoming Shows

Program Schedule »

Listen

Listen Live Now » 590 AM Kalamazoo, MI

Weather

Current Conditions(Kalamazoo,MI 49001)

More Weather »
63° Feels Like: 63°
Wind: NNW 14 mph Past 24 hrs - Precip: 0.04”
Current Radar for Zip

Today

Scattered Thunderstorms 62°

Tonight

Partly Cloudy 41°

Tomorrow

Sunny 64°

Alerts

Herbalife postpones shareholders meeting to April 29

A Herbalife logo is shown on a poster at a clinic in the Mission District in San Francisco, California April 29, 2013. REUTERS/Robert Galbra
A Herbalife logo is shown on a poster at a clinic in the Mission District in San Francisco, California April 29, 2013. REUTERS/Robert Galbra

(Reuters) - Nutritional products company Herbalife Ltd , which is being investigated by the Federal Trade Commission, said it postponed its annual shareholders' meeting to April 29 to continue discussions with Carl Icahn about new board nominees.

The meeting was originally scheduled for April 24.

Herbalife shares were up about 1 percent in extended trading on Thursday.

Carl Icahn, the company's biggest shareholder with a 16.8 percent stake, has supported Herbalife in its fight against billionaire investor William Ackman.

Ackman's Pershing Square Capital Management believes Herbalife is an unsustainable pyramid scheme destined to collapse. Icahn has contended that it is a good company with good management.

Herbalife gave Icahn two board seats in February 2013 and the right to raise ownership of the company to 25 percent.

The activist investor's publicly traded investment vehicle Icahn Enterprises' new Chief Executive Keith Cozza is already a director on Herbalife's board.

Herbalife shares closed at $57.31 on the New York Stock Exchange.

(Reporting by Mridhula Raghavan in Bangalore; Editing by Joyjeet Das)

Comments