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Harbinger Group Inc. Message Board

  • no_schlock no_schlock Sep 24, 2010 10:46 AM Flag

    Better than Glazer criminals

    While a minority shareholder can never be entirely happy with a majority shareholder that self deals itself a discount on cash (HRG had ), I still think this represents a decent deal at current prices. Pro forma for the transaction, HRG will have 140MM shares outstanding. With 27.8MM shares of SPB @ $26.60 per share, that's $736MM, plus HRG's existing $140MM cash, that's $876MM / 140MM = $6.25 per share. While I don't get the purpose of this (for all practical terms) public-to-public SPAC, it's better than I feared - getting stuffed with HRG's white elephant of a wireless buildout. While I have only read a the last K and a couple of Qs, I actaully kind of like the SPB story.

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