Billionaire investor Carl Icahn has increased his stake in US natural and organic food group Hain Celestial.
Icahn and funds related to the activist investor now own just under 6.54bn shares in Hain, it was revealed in a filing with the Securities and Exchange Commission on Monday (29 November). Hain’s last quarterly filing showed Icahn held 5.04m shares.
Go deeper with GlobalData
The increase in the 74-year-old’s stake in Hain takes his shareholding to around 15% of the company’s outstanding common stock.
Icahn bought an almost 12% stake in Hain in May. He said at the time that he thought the company’s shares were undervalued.
In July, two directors were added to the Hain board under an agreement with Icahn. The agreement saw the investor back Hain’s slate of board nominees.
See Also:
For the year to 30 June, Hain posted net income of $28.6m against a loss of $29.4m a year earlier. Sales, however, dropped from $1.12bn to $913.7m.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataLast month, Hain president and CEO Irwin Simon said the company had made a “strong start” to its financial year, with profits and sales up 12%.
