Dan Loeb

At 78, Carl Icahn shows little sign of retiring, or of becoming more polite. After finally prodding Forest Labs into a $25bn takeover by Actavis, he renewed his attack on eBay this week, accusing John Donahoe, its chief executive, of being “completely asleep or, even worse, either naive or wilfully blind”.

John Gapper

The showdown between Bill Ackman and Dan Loeb, two activist fund managers, over the value of Herbalife, the US health supplement company, is entertaining for bystanders. It presages more such splits.

Traditionally, hedge funds have tended to hunt in packs – lining up to sell shares short or to arbitrage securities. One recent example was at JP Morgan Chase, where a set of hedge funds, led by Saba Capital, traded against the bank’s derivatives position.

In Herbalife’s case, Mr Ackman’s Pershing Square Capital and Mr Loeb’s Third Point, are arrayed against each other. Mr Ackman has accused Herbalife of being a Ponzi scheme, which it fiercely denies; Mr Loeb is on Herbalife’s sideRead more