Fri, Feb. 6, 8:35 AM
Fri, Jan. 23, 9:34 AM
Nov. 25, 2014, 4:24 PM
- Leucadia National (NYSE:LUK) has added another 5M shares to its holdings of Harbinger Group (NYSE:HRG), bringing its stake in the firm up to 22%, reports Bloomberg.
- Previously: Phil Falcone to leave Harbinger Group
- Harbinger closed higher by 3.6% in the regular session following news of Falcone's exit. HC2 Holdings (OTCQB:HCHC), where Falcone will apparently be able to concentrate more of his considerable deal-making skills, closed higher by 6.8%, and is now more than a double in the less-than-three months since SA Pro's Whopper Investments brought the barely-followed name to the attention of investors.
Nov. 25, 2014, 1:18 PM
- Phil Falcone is resigning as CEO and Chairman of Harbinger Group (HRG +1.2%) effective Dec. 1, when he is expected to focus the continuing liquidation of his Harbinger Capital Partners hedge fund, developing HC2 Holdings (OTCQB:HCHC) and fighting for assets in the Lightsqaured bankruptcy proceeding.
- Falcone became one of the investing stars of the financial crisis after anticipating the housing collapse, and at one point managed $26B; last year, he was barred from the industry for at least five years as part of a settlement with U.S. regulators after improperly borrowing money from his fund to pay his personal taxes and giving preferential treatment to some investors.
- Board member and Leucadia National (NYSE:LUK) Chairman Joseph Steinberg will become HRG's chairman, and the company will launch a search for a new CEO.
Nov. 21, 2014, 8:34 AM
Nov. 20, 2014, 5:30 PM
Oct. 7, 2014, 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).
Aug. 8, 2014, 8:37 AM
Aug. 7, 2014, 5:30 PM
Jun. 23, 2014, 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.
May. 12, 2014, 8:40 AM
May. 11, 2014, 5:30 PM
Feb. 6, 2014, 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.
HRG vs. ETF Alternatives
HRG Group Incis a diversified holding company. It provides consumer products including batteries, personal care products, household appliances, pet supplies, and home & garden pest control products, as well as life insurance and annuity products.
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