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Tuesday, October 28, 2014

Two Canadian pension funds renew offer for Loral Space - WSJ, (NASDAQ: LORL)

A consortium of two Canadian pension funds renewed its offer for satellite manufacturer Loral Space & Communications Inc, the Wall Street Journal reported, citing people familiar with the matter. The Ontario Teachers' Pension Plan and Public Sector Pension Investment Board (PSP), recently approached Loral again about a deal, the Journal reported.Loral's efforts to sell itself and its main asset, Telesat Holdings Inc, broke down earlier this year after the company failed to agree on a potential $7 billion deal with the consortium.The talks broke down over a very small price gap, Reuters reported in June, citing people familiar with the matter.At the time, PSP had a 35.3 percent economic interest in Telesat and 66.7 percent of the voting power.

Loral Space & Communications Inc. (Loral) is a holding company. Shares of LORL traded higher by 5.52% or $3.88/share to $74.23. In the past year, the shares have traded as low as $64.23 and as high as $82.13. On average, 54735 shares of LORL exchange hands on a given day and today's volume is recorded at 274579.