Loral rejects $7 billion deal to sell itself and Telesat: Reuters

Loral Space & Communications Inc's efforts to sell itself and its main asset, Telesat Holdings Inc, broke down after the company failed to agree on a potential US$7 billion deal with the buyer group, sources told Reuters. Loral rejected an offer from a consortium involving Ontario Teachers Pension Plan and another Telesat shareholder, Public Sector Pension Investment Board (PSP), which valued Loral at more US$80 per share. PSP, which has a 35.3 percent economic interest in Telesat and 66.7 percent of the voting power, was working with Teachers, which emerged as the preferred buyer after months of a sale process.

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