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Stock Market & Financial Investment News

News Breaks
December 17, 2012
16:31 EDTHRGHGI receives approval for reinsurance treaty between Fidelity and Guaranty Life
Harbinger Group announced that its wholly-owned subsidiary, Fidelity & Guaranty Life Insurance Company, has received approval from the Maryland Insurance Administration to enter into a reinsurance treaty with Front Street Re, also a wholly-owned subsidiary of HGI. Under the terms of the reinsurance treaty, Fidelity & Guaranty Life will cede approximately 10%, or approximately $1.5B of liabilities, of its annuity business to Front Street Re. Fidelity & Guaranty Life and Front Street Re expect to enter into this transaction prior to the end of 2012.
News For HRG From The Last 14 Days
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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."
October 6, 2014
19:32 EDTHRGEXCO to sell interests in Compass to Harbinger affiliate
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17:36 EDTHRGHarbinger announces acquisition of full interest in Compass Production for $118M
Harbinger Group (HRG) announced that its wholly-owned subsidiary, HGI Energy Holdings, has executed an agreement to acquire the remaining approximately 25% interests it does not already hold in the Compass joint venture from EXCO Resources (XCO) for $118.75M in cash. The economic effective date of the transaction is August 1, subject to certain exceptions, and is expected to close this fiscal quarter. Following the transaction, the company will be the sole owner of any and all interests in Compass.

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