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Stock Market & Financial Investment News

News Breaks
February 15, 2013
09:01 EDTHRG, XCOHarbinger Group successfully closes JV agreement with EXCO Resources
Harbinger Group (HRG) announced that its wholly-owned subsidiary, HGI Energy Holdings, LLC, successfully closed, effective February 14, on its previously announced joint venture with EXCO Resources (XCO) to create a private oil and gas partnership. Pursuant to the transaction, the Partnership purchased and will operate EXCOs conventional oil and natural gas assets in West Texas, including and above the Canyon Sand formation, as well as in the Danville, Waskom, Holly and Vernon fields in East Texas and North Louisiana. A definitive agreement to enter into the Partnership was announced on November 5, 2012. Under the terms of the agreement announced on November 5, the Partnership acquired the oil and gas assets from EXCO for approximately $725M of total consideration, which represents HGIs effective equity interest of $372.5 million, $127.5M in oil and gas properties and related assets contributed by EXCO, in each case before giving effect to preliminary closing adjustments described below, and approximately $225M of bank debt. The net cash contributed from HGI was $348.3M reflecting the effect of preliminary closing adjustments and the economic benefits related to the July 1, 2012 effective date. HGI and EXCO intend to opportunistically add incremental cash flow to the Partnership through the acquisition of other mature, conventional assets over time. As the first step in executing this business strategy, effective as of February 14, 2013, the Partnership entered into an agreement to acquire certain conventional oil and natural gas assets in the Danville, Waskom and Holly fields in East Texas and North Louisiana, including and above the Cotton Valley formation, from an affiliate of BG Group plc for $132.5M, subject to customary closing adjustments. These properties represent an incremental working interest in properties that EXCO contributed to the Partnership. This transaction is expected to close in March 2013. The Partnership intends to fund the acquisition using its revolving credit agreement.
News For HRG;XCO From The Last 14 Days
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October 24, 2014
11:50 EDTXCOStocks with call strike movement; AMD XCO
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October 22, 2014
06:06 EDTXCOEXCO Resources increases borrowing base to $900M from $875M
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October 20, 2014
07:33 EDTHRGHarbinger expresses disappointment in Central Garden & Pet's proposal rejection
Harbinger Group (HRG) released a letter to the board of Central Garden & Pet (CENT) expressing disappointment with the CENT board announcement rejecting HRG's proposal to acquire all of CENT for $10.00 in cash per share or alternatively to acquire CENT's Pet Segment for $750M in cash. HRG said it remains committed to pursuing a transaction with CENT and has called upon the members of the CENT Board to fulfill their responsibilities as fiduciaries to all shareholders of CENT by engaging in a constructive dialogue with HRG regarding its proposals, or otherwise to resign from the CENT Board. HRG is also encouraging CENT shareholders to communicate their opinion of these proposals, as well as the way in which these proposals were reviewed and dismissed, to the CENT Board. In the board, Harbinger Group said, "We believe that the Board's process in evaluating and responding to our proposals was deeply flawed and this Board continues to shirk its duty to act as an unbiased steward and fiduciary to all of the Company's shareholders... HRG remains committed to acquiring all of CENT for $10.00 in cash per share or alternatively acquiring CENT's Pet Segment for $750 million in cash. HRG's $10.00 per share offer represented a premium of 27.5% to the trading value of CENT common shares immediately before the offer. As a result of the announcement of HRG's offer, the CENT commons shares traded up to as high as $10.01 per share. However, the lack of action by CENT and its Board has allowed the CENT common shares to decline below the level of its share price before HRG made its offer public. Today, our $10.00 per share offer now represents a premium of 44.5% to the current trading value of CENT common shares."

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