Friday, November 19, 2010

Loral Space & Communications Jumps On Buyout Rumor

Shares of Loral Space & Communications, Inc. (NASDAQ: LORL) jumped more than 17% on Friday after Bloomberg reported that Canadian satellite firm Telesat Holdings Inc. has hired three financial advisers to help sell the company in a deal that may be valued at $6 billion to $7 billion.  Closely held Telesat brought in JPMorgan Chase & Co., Morgan Stanley and Credit Suisse Group AG on Nov. 17 to start a formal sales process and offer so-called staple financing to interested buyers, Bloomberg said.

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