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Bill Ackman, CEO and portfolio manager of Pershing Square Capital Management, speaks at the Ira Sohn Investment Conference in New York in this May 8, 2013, file photo. Mr. Ackman is selling his nearly 18-per-cent stake in struggling department store chain J.C. Penney.
Bill Ackman, CEO and portfolio manager of Pershing Square Capital Management, speaks at the Ira Sohn Investment Conference in New York in this May 8, 2013, file photo. Mr. Ackman is selling his nearly 18-per-cent stake in struggling department store chain J.C. Penney.
(BRENDAN MCDERMID/REUTERS)

Herbalife nears record: Bad for Ackman, good for drama

Hedge fund manager Bill Ackman can’t be having a good year. He recently abandoned his three-year-old plan for turning around J.C. Penney Co. Inc. – at a cost of hundreds of millions of dollars. And his $1-billion (U.S.) bet against Herbalife Ltd. gets scarier by the day.

Herbalife’s share price rose above $70 (U.S.) on Monday. That is its highest level in about 18 months and comes close to a record high.