NEW YORK (Reuters) - Activist investor Carl Icahn and his entities are cutting their stake in Hain Celestial Group Inc (HAIN.O) by roughly half, Hain said on Tuesday.
Hain Celestial Group said certain shareholders, including entities related to Icahn, will sell 3.65 million shares of common stock in the company, with Jefferies LLC serving as the underwriter in the sale’s public offering.
Following the sale, Icahn and his related entities will collectively own roughly 3.59 million shares in Hain, or 7.5 percent of the company, Hain said.
That stake is less than half the 15.3 percent stake Icahn reported in the company as of June 30, a regulatory filing with the Securities and Exchange Commission showed.
Icahn, a hedge fund manager, is known for taking large positions in companies and pushing for management change.
Reporting by Sam Forgione; Editing by Ken Wills