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Dan Loeb Jumps in Behind Herablife

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By Jon C. Ogg Published
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Herbalife Ltd. (NYSE: HLF) is getting a very strange move in this activist shareholder battle. Last night we noted that Bill Ackman of Pershing Square was out with its summary document stating its case against Herbalife. It did not just dance around the terms “pyramid scheme” lightly.

Now we have a new shareholder having taking a stake, and it is a rather well-known investor. Dan Loeb of Third Point LLC has taken a stake of 8,900,000 for an 8.24% stake. What is so odd is that Ackman and Loeb are not enemies, and they have had positive dealings between themselves and with others in the past.

Herbalife shares were halted, but what is interesting here is that there is no mention of the intent nor any mention of activist intentions. Is Loeb now just betting against Ackman opportunistically?

Stay tuned. The Herbalife situation is one that went from odd to strange to bizarre. Herbalife shares were halted for an upside tripwire of the NYSE circuit breaker rules.

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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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