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Tuesday, Apr 30
Herbalife (HLF +3.2%) was set to raise cash for a share buyback before KPMG resigned as auditor,...
Herbalife (HLF +3.2%) was set to raise cash for a share buyback before KPMG resigned as auditor, according to comments made on the company's call. HLF, which has borrowed to repurchase shares in the past, says it "had no choice but to temporarily halt" a planned debt deal and now expects to "be more conservative regarding share repurchases." In the short-term, any buybacks will be "opportunistic" and will be funded by the company's "strong cash flow from operations," CFO John DeSimone says. As WSJ notes, "shareholders had been hoping the company would accelerate its share buybacks to fend off" Bill Ackman. (earnings call transcript)