Billionaire Carl Icahn had been known as an activist investor who would seek large positions in a company. He is also known to push transformation in the management of a company where he owns large stakes. Icahn and his entities were reported to cut their holdings in Hain Celestial Group Inc. by approximately half. This was according to a statement released by Hain last Tuesday.

Hain Celestial Group announced that certain shareholders, including Icahn and his entities, would sell 3.65 million shares of common stock. Jefferies LLC was hired to be the underwriter for the public offering.

Hain added that Icahn and his related entities would collectively own approximately 3.59 million shares or 7.5% of the company after the sale. As of June 30, that stake would be less than half of the 15.3% Icahn reported in Hain Celestial Group. This was shows through a regulatory filing with the US Securities and Exchange Commission.