NEW YORK (TheStreet) -- Shares of Herbalife (HLF) - Get Report were falling 7.23% to $57.45 in pre-market trading on Friday after Pershing Square's Bill Ackman confirmed that billionaire investor Carl Icahn offered to sell his stake in the company.

Ackman told CNBC he was contacted by Jefferies earlier this month as the investment bank was trying to put together a block trade to get Icahn out of his stake.

Ackman said he was willing to purchase a "few million" shares and would have sold the shares on "day one."

Additionally, Icahn came to Ackman with a proposal to cover his short position, Ackman said.

Earlier today, the Wall Street Journalreported that Icahn had discussed selling his stake in the company to a group including Bill Ackman.

Herbalife is a global nutrition company.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its notable return on equity, revenue growth and good cash flow from operations.

But the team also finds weaknesses including deteriorating net income and generally higher debt management risk.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: HLF

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