Ackman’s ‘boxed in’: Icahn

Nobody puts Bill Ackman in a corner — except Carl Icahn (right).

Icahn said Ackman, whose Pershing Square hedge fund has a $1 billion dollar short bet on Herbalife, should realize he’s “boxed in,” with little room to maneuver.

Nearly a third of the nutritional supplement company’s shares are held short, and nearly 25 percent are closely held. With so few shares available on the market, Ackman could find himself in the proverbial “short squeeze” should the share price rapidly rise, Icahn told CNBC.

“I don’t believe any professional short-sellers would ever take a position in a company with these numbers,” Icahn said. “As the old saying goes, fools will go where angels fear to tread.”

It is the latest punch thrown in the nearly four-year battle between the two over the controversial nutrition products company. Ackman announced his Herbalife short in De- cember 2012, alleging the company is a pyramid scheme. Icahn took the other side of trade.

Last week, Ackman claimed Icahn was looking to unload his holdings, saying, “I think he knows this thing is toast.” Icahn contradicted him, buying up 2.3 million shares and boosting his stake to 21 percent.

Representatives for Pershing Square and Icahn could not be reached for comment. Herbalife closed down 4 percent, to $60.77.