Rachesky Plans Sale Of Satellite Holding Co.

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.


In Depth

Q&A: Star Mountain's Brett Hickey On Investing In 'The Growth Engine Of America'

Sep 22 2017 | 5:06pm ET

Lower middle-market companies form the economic fabric of the nation, but they can...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

 

From the current issue of

With NFL season on the horizon, it’s time to take a look at our Fantasy Football value picks. Last year, we nailed it on Drew Brees, Jordan Howard, Frank Gore and Dwayne Allen. We missed pretty badly on Duke Johnson, Demaryius Thomas, Mohammed Sanu and Eli Manning.