Leucadia National Boosts Stake in Harbinger Group Inc (HRG) to 20%

Leucadia National fund, managed by Ian Cumming and Joseph Steinberg has reported upping its position in Phil Falcone‘s Harbinger Group Inc (NYSE:HRG) to 41.63 million shares, versus 18.60 million shares held earlier. Following the increase, Leucadia holds over 20% of Harbinger Group’s common stock.

Harbinger Group Inc (NYSE:HRG) is a holding company that conducts its oprtations through several subsidiaries, among which is Spectrum Brands, engaged in distribution of branded consumer products, such as batteries, personal care products, small household appliances, pet supplies. The company also owns several indirect subsidiearies engaged in the insurance business and asset-based loans. For the second quarter of its fiscal year, ended March 31, the company posted a revenue of $1.3 billion, down by 5% on the year. The company also reported a net loss of $87.6 million, or $0.63 per share, expanding it from a loss of $45.5 million, or $0.33 per share posted in the same period of last year. The stock of Harbinger Group edged up by 7% since the beginning of the year.

At the end of last month, Harbinger Group Inc (NYSE:HRG) has proposed to acquire Central Garden & Pet Co (NASDAQ:CENT). The buyer offered $10.00 per share of each class of stock, which represented a 27.5% premium at the time of the offer. At the same time, Harbinger offered to acquire Central Garden & Pet Co (NASDAQ:CENT)’s Pet Segment for $750 million in cash as an alternative.

Harbinger Group Inc (NYSE:HRG) has last reported an equity portfolio worth over $3.0 billion. The largest stake is represented by the aforementioned Spectrum Brands Holdings, Inc. (NYSE:SPB), of which Harbinger owns 30.89 million shares, worth $2.46 billion. The fund also owns 39.40 million of its own stock, the position being worth $481.91 million.

Omega Advisors, managed by Leon Cooperman, is another investor bullish on Harbinger Group Inc (NYSE:HRG). It reported holding 12.34 million shares in its latest 13F, almost doubling the position during the first quarter. Jason Karp’s Tourbillon Capital Partners has also boosted its stake by 130% to 1.61 million shares.

Disclosure: none