According to Reuters’ Svea Herbst-Bayliss activist investor William Ackman confirmed on
Wednesday that he is betting against the stock of Herbalife Ltd in a move that
sent shares of the weight management product company reeling and sparked a caustic
rebuke from its CEO.
Ackman, who oversees $11 billion in assets at Pershing
Square Capital Management, told Reuters that he was shorting Herbalife when
asked about the matter on Wednesday. The company's share price tumbled more
than 12 percent, becoming, at one point, the day's biggest percentage loser on
the New York Stock Exchange.
Ackman is one of the world's most closely watched hedge fund
managers and invests in a handful of companies, where he often pushes for
change from the inside. Earlier this year, he won a proxy contest at Canadian
Pacific Railway, which helped him unseat top management.His latest move in
Herbalife could spur other short-sellers to follow suit, industry analysts said…
Read all about it at http://www.reuters.com/article/2012/12/19/ackman-herbalife-idUSL1E8NJFEA20121219
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