Connect to share and comment

Ackman to pay Herbalife whistleblowers' legal fees, not lost pay

By Svea Herbst-Bayliss BOSTON (Reuters) - Activist investor William Ackman, who is betting more than $1 billion that Herbalife is a pyramid scheme, will cover legal fees and damages for whistleblowers who have spoken out against the company, but not lost wages if they lose their jobs. Ackman's $13 billion hedge fund Pershing Square Capital Management had agreed to pay one whistleblower as much as $3.6 million if he lost his job after turning against the company. But other whistleblowers did not receive similar deals.

Herbalife says it is facing civil inquiry from FTC; shares plunge after halt

LOS ANGELES, Calif. - Herbalife is facing an inquiry from the Federal Trade Commission. The nutrition and supplement said Wednesday that it received the civil investigative demand from the FTC on Wednesday. A representative from the FTC was not immediately available to comment. Herbalife says it welcomes the inquiry, noting a "tremendous amount of misinformation in the marketplace" about its business. The company says it believes it is in compliance with all laws and regulators and plans to co-operate fully.

Ackman accuses Herbalife of breaking laws in China

By Svea Herbst-Bayliss BOSTON (Reuters) - Billionaire investor William Ackman renewed his attack on Herbalife on Tuesday, saying he has evidence showing the nutrition and weight loss company is breaking direct-selling laws in China, its fastest growing market. The company said it follows local laws, and Chinese regulators have yet to comment on the matter.

Ackman: Air Products shares could double with right CEO

By Svea Herbst-Bayliss and Ernest Scheyder NEW YORK (Reuters) - Billionaire investor William Ackman said there is room for Air Products and Chemicals Inc's <APD.N> stock price to double in the next few years if the industrial gas producer hires the right chief executive. "This is a $200 plus stock over the next three years with new management," Ackman said at an investment conference. Ackman's Pershing Square Capital Management is Air Products' biggest shareholder with a 9.71 percent stake.

CEO to retire as Air Products strikes deal with Ackman

By Swetha Gopinath (Reuters) - Air Products & Chemicals Inc <APD.N> Chief Executive John McGlade will retire next year and the industrial gas producer appointed three new independent directors, avoiding a fight over board membership with activist investor Bill Ackman. Air Products shares rose as much as 6.9 percent, taking gains to almost a quarter since Ackman's Pershing Square starting building up a $2.2 billion holding in June.

Air Products CEO to retire, says Ackman supports move

(Reuters) - Industrial gas producer Air Products & Chemicals Inc <APD.N>, feeling the heat from activist investor Bill Ackman, said Chief Executive John McGlade would retire in 2014. Ackman's Pershing Square Capital Management, the company's top shareholder, spent $2.2 billion since June to acquire a 9.8 percent stake in Air Products. Pershing Square was supportive of the company's actions, McGlade said in a statement on Thursday.

Vornado CEO Steven Roth resigns from board of JC Penney

NEW YORK, N.Y. - Steven Roth, the chairman and CEO of Vornado Realty Trust, has resigned from J.C. Penney's board, days after the real estate company told investors it planned to sell all of its stake in the struggling department store chain. Vornado, which owns and manages commercial real estate such as office buildings and malls, sold more than 40 per cent of its shares in Penney in March, a month before the department store chain fired its CEO Ron Johnson who had spearheaded a botched turnaround. Vornado still holds 13.4 million shares, or 6.1 per cent, of Penney's stock.

Ackman cuts stake in mall owner General Growth Properties

(Reuters) - Bill Ackman's Pershing Square Capital Management cut its stake in mall owner General Growth Properties Inc <GGP.N> to 3.7 percent from 8 percent, the hedge fund said in a filing with the U.S. Securities and Exchange Commission. The fund was the second biggest shareholder in the company after Brookfield Asset Management Inc, which had reported a stake of about 39 percent as of August 8. Ackman has been a passive investor in GGP after he failed to secure a buyer for the company.

Vornado's chairman, Roth, resigns from J.C. Penney board

NEW YORK (Reuters) - Vornado Realty Trust <VNO.N> Chairman and Chief Executive Steven Roth resigned on Friday from the board of department store chain J.C. Penney Co Inc <JCP.N>, the company said in a regulatory filing. Vornado, which owns 6.1 percent of Penney shares, said at an investor conference earlier this week that it planned to sell all of its 13.4 million Penney shares "in the not too distant future." Penney shares ended 0.6 percent lower at $13.82 on Friday.

Penney's biggest investor sells all shares for $12.60 each, losing about half his investment

NEW YORK, N.Y. - It's official. J.C. Penney's biggest investor and former board member Bill Ackman is through with the retailer, selling his entire 18 per cent stake to Citigroup and taking a more than $400 million bath on the deal. In a regulatory filing Wednesday, Ackman's disclosed that he sold 39.1 million shares to the bank for $12.60 per share or $492.3 million. That's nearly half of the average $25 a share that he paid when he first invested in Penney in 2010.
Syndicate content