Harbinger Group Still On Sale, Will Leucadia Buy It All?
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Tue, Oct. 7, 8:38 AM
- Exco Resources (NYSE:XCO) +10.6% premarket after saying it sold its 25% interest in Compass Production Partners to an affiliate of Harbinger Group (NYSE:HRG) for $118.75M.
- XCO says the sale will help improve its balance sheet and simplify its corporate structure, and it plans to use the proceeds to reduce the revolving commitment under its credit agreement.
- RBC lowers its XCO price target to $3 from $4 after the sale of the remaining conventional east Texas/north Louisiana and Permian assets, reducing its 2015-16 cash flow per share estimates by 11%-12% and NAV by 7% to reflect impacts of the transaction (Briefing.com).
Fri, Aug. 8, 8:37 AM
Thu, Aug. 7, 5:30 PM
Mon, Jun. 23, 11:47 AM
- Harbinger Group (HRG +1%), Phil Falcone's holding company, offers to buy retailer Central Garden & Pet (CENT +8.9%) in a ~$1.1B deal that includes the assumption of debt, or - as an alternative to acquiring the entire company - purchase CENT's pet business for $750M.
- CENT operates two segments: Its lawn-and-garden business offers grass seed, weed killer and flower pots, while its pet-supply unit sells dog bones, horse vitamins and aquariums.
- HRG says it has tried unsuccessfully to engage CENT in closed-door talks, and that it decided to make its offer public in light of the lack of response.
Mon, May. 12, 8:40 AM
Sun, May. 11, 5:30 PM
Thu, Feb. 6, 5:48 PM
Dec. 13, 2013, 10:05 AM
- Fidelity & Guaranty Life (FGL) is at $18.50 in early trades after pricing its 9.7M share IPO at $17 each (expected range was $17-$19).
- The insurer is controlled by Philip Falcone's Harbinger Group (HRG +2.7%), but Falcone himself is banned from being an officer or director after a settlement with the SEC. The company is run by former MetLife exec Lee Launer.
- Falcone bought the company from Old Mutual Plc for about $350M in 2011 in a bet he could do a better job managing the insurer's portfolio.
Nov. 21, 2013, 10:28 PM
Aug. 29, 2013, 7:23 PM
- Harbinger Group (HRG) is planning a $100M IPO for its Fidelity & Guaranty Life insurance unit, only days after agreeing to pay an $18M civil settlement with securities regulators.
- The move comes as insurance companies with ties to hedge funds and P-E firms have been growing rapidly, and some state regulators are considering potential new rules aimed at insuring that operating units are well capitalized, which could make it harder to pay out dividends.
- Harbinger Capital, run by Phil Falcone, and its affiliates are majority owners of HRG.
Aug. 19, 2013, 4:09 PM
- The settlement is mostly notable in that the former hedge fund chief admitted his wrongdoing. In typical SEC settlements, those accused neither admit nor deny the charges against them, but it's a new day. Among his offenses is improperly borrowing $113M from his hedge fund to pay a tax bill.
- Falcone will pay an $18M fine and be barred from the securities industry for 5 years.
- It's not the hedge fund, but Harbinger Group (HRG) gained 2.9% today.
Aug. 14, 2013, 6:08 PM
- Harbinger Group (HRG) commences its $50M share repurchase program by purchasing 1.7M shares from one of the funds affiliated with Harbinger Capital Partners for an aggregate purchase price of $12.325M.
- The repurchase program was announced by its Board on August 8, and authorizes purchases to be made from time to time in one or more open market or private transactions.
Aug. 9, 2013, 9:23 AM
May. 9, 2013, 8:58 AM
Jan. 23, 2013, 11:29 AMHarbinger Group (HRG +2.8%) moves up after Jefferies intiated coverage on the shares with a Buy rating and a $9.50 price target. Jefferies says the stock is trading at a discount to its current NAV and has solid cash flow from all its core segments; consumer, insurance and energy. These are all sectors that are highly leveraged to economic growth. | Comment!
Dec. 13, 2012, 12:45 PM
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