Loeb’s third point exited Herbalife stake in first quarter
By Alexis Leondis Bloomberg
Third Point LLC, the hedge-fund firm run by Daniel Loeb, exited its stake in Herbalife Ltd. in the first quarter, according to a regulatory filing.
The fund sold 3.1 million shares of the Cayman Islands-based company valued at about $102.1 million, according to a filing today with the U.S. Securities and Exchange Commission.
In January, Third Point disclosed in a regulatory filing that it took an 8.2 percent stake, or 8.9 million shares, in Herbalife amid allegations from Bill Ackman’s Pershing Square Capital Management LP that the direct seller of nutrition shakes was a pyramid scheme.
Elissa Doyle, a spokeswoman for New York-based Third Point, declined to comment on the sale in an e-mail.
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