Friday, 19 December 2014
Last updated 6 hours ago
Oct 28 2013 | 11:58am ET
Harbinger Capital Management's Philip Falcone is fighting tooth and nail to hold on to his satellite company. MHR Fund Management's Mark Rachesky is ready to unload his.
MHR is set to put Loral Space & Communications up for sale, contacting potential buyers. MHR owns 38% of Loral, which itself owns 62.8% of Canadian satellite company Telestat, and Rachesky serves as the company's chairman.
No investment bank has been hired yet, the New York Post reports. The tabloid adds that Rachesky is expected to seek a big premium for Loral, a demand that could sink the sale.
It wouldn't be the first time: Rachesky cancelled a 2011 auction for Loral—one which drew bids from the Carlyle Group, Kohlberg Kravis Roberts and Providence Equity Partners—when it produced a top offer of $6 billion.
This time around, Rachesky is expected to seek more than $100 per share for Loral, a $30 premium for a stock that is already up 26% this year.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.