Earlier today I wrote about the billion-dollar convertible bond Herbalife (NYSE: HLF) announced this morning. This bond is the latest salvo in the fight between activist investor Bill Ackman, who thinks Herbalife is a pyramid scheme and has wagered accordingly, and the company. Herbalife is planning to use a large portion of the new bond's proceeds to buy back its stock, trying to offset Ackman's recent upper hand. Just over a week ago the stock fell precipitously, to nearly 30% below the level it had reached earlier in January, amidst a senator's call for a formal congressional inquiry and reports of an investigation in China.
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