Harbinger Group Still On Sale, Will Leucadia Buy It All?
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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.
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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Dec. 12, 2012, 5:37 PM
Nov. 5, 2012, 3:49 PMExco Resources' (XCO +2.4%) partnership deal with Harbinger (HRG +4%) gives XCO temporary relief under the company’s debt covenants, but sets an "upper bound” for XCO's valuation, Jefferies says. The fields with which XCO is parting tend to produce more oil and gas liquids and have longer productive lives than the rest of its wells, "supporting our view that shares are overvalued." | Comment!
Nov. 5, 2012, 10:47 AMExco Resources (XCO +3.8%) announces a partnership with Philip Falcone's Harbinger Group (HRG +2.7%) where XCO will contribute its conventional non-shale assets in east Texas and Louisiana and its shallow Canyon Sand and other assets in west Texas to a limited partnership. EXCO will $597M in cash, a 24.5% limited partner interest and a 50% interest in the general partner. | Comment!
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