The less Icahn pays now the more he can buy over time. Just because he has a standstill at 25%, does not mean he can't buy more, it just means he can't vote the shares.
He can also implement a buyout (which I doubt) but what I think Carl will do is loan HLF $5 billion at 5% and let them buy back shares in the open market. I think the company has already sold about 10,000 deep in the money put contracts, that gets them 1 million shares locked in at today's low prices or significant cash gains if the stock rises too fast. The game is on!