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Leucadia up 8% after announcing strategic transformation

Apr. 09, 2018 9:58 AM ETLeucadia National Corporation (LUK-OLD) StockBy: Omer I., SA News Editor10 Comments
  • Among a sizable number of moves announced today is the sale of 48% of National Beef at a $2.3B enterprise value. The exit brings Leucadia's (NYSE:LUK-OLD) stake down to 31% and allows the company to deconsolidate the business. Leucadia expects to get about $1.05B in cash from the sale, and book a pretax gain of $800M-$850M.
  • Also inked is a sale of 100% of Leucadia's interest in auto dealer group Garcadia at a $675M enterprise value, or a net $425M to the company; pre-tax gain is seen at $220M.
  • Now more of a pure-play financial services company, LUK sets a vote at the upcoming annual meeting to change its name to Jefferies Financial Group.
  • Also, the board doubles the buyback approval to 25M shares.
  • FQ1 EPS is seen at $0.32-$0.35.
  • More here
  • Shares up 8%

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