New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
October 10, 2012
08:15 EDTHRGHarbinger's insurance sub FGL executes $295M reserve credit facility
Harbinger Group announced the closing of a $295M reserve credit facility between Nomura Bank International and HGI's primary insurance company, Fidelity & Guaranty Life, or FGL. The facility replaces a seller-provided facility put in place under the stock purchase agreement entered into between a subsidiary of HGI and Old Mutual plc for the acquisition of FGL. Under the terms of the reserve credit facility agreement, Nomura will provide Raven Re, a wholly-owned subsidiary of FGL, with a five-year facility at a lower financing cost to recapture business that was previously ceded to Old Mutual Reassurance Ireland Ltd. Under the terms of the stock purchase agreement between HGI and Old Mutual, HGI was required to recapture this ceded business by Dec. 31, 2015.
News For HRG From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
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."

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use