D.E. Shaw & Co. bought 1.4 million shares of Herbalife Ltd. Thursday, making the New York-based hedge fund Herbalife’s largest shareholder.

The hedge-fund founded by David Shaw increased its stake in the Los Angeles-based company to 5.3 percent from 3.3 percent.

In April, Herbalife rejected a $2.7 billion takeover offer by its largest shareholder at the time, private-equity firm Whitney & Co. The next month, Herbalife’s Chairman Peter Castleman resigned to focus on other business activities, the company said. Chief Executive Michael O. Johnson assumed his duties.

Shares in Herbalife closed up 8 cents to $39.49 in trading Thursday on the New York Stock Exchange.