NEW YORK (TheStreet) -- Shares of Herbalife Ltd. (HLF) are up over 6.38% to 52.68 this morning following the company's announcement that it "amended and restated its agreement with Carl C. Icahn, Icahn Enterprises Holdings L.P (IEP) and certain related entities, which beneficially own, in the aggregate, 17,000,000 shares of Herbalife common stock, representing approximately 16.8% of the company's outstanding shares."
The company said it will "nominate three designees of the Icahn Parties, Hunter C. Gary, Jesse A. Lynn and James L. Nelson, for election to Herbalife's board of directors at its 2014 Annual General Meeting of Shareholders." The meeting is now scheduled for April 29, 2014.
Further, "Gary and Lynn are employees of Icahn Enterprises L.P., and will be nominated for election to the Class I directorships currently held by Carole Black and Michael Levitt, whose three-year terms end at the Annual Meeting. Colombe M. Nicholas intends to resign from Herbalife's board, and Nelson, who is an independent director of Icahn Enterprises L.P., will be nominated for election to serve the remainder of the term of Nicholas' Class II directorship. These three nominations are in addition to the two representatives of the Icahn Parties currently on the board."
The board will continue to have thirteen directors.
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TheStreet Ratings team rates HERBALIFE LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate HERBALIFE LTD (HLF) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance, impressive record of earnings per share growth, increase in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."