This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Leucadia National Corporation To Increase Stake In HomeFed Corporation To 65% In Exchange For Real Estate Holdings And Cash

Leucadia National Corporation (NYSE:LUK)(“Leucadia”) announced today that it has entered into a definitive agreement for HomeFed Corporation (“HomeFed”) to acquire certain of Leucadia’s real estate subsidiaries, investments and $18.4 million in cash (subject to adjustment) in exchange for 7.5 million common shares of HomeFed to be newly issued to Leucadia. At December 31, 2013, the book value of Leucadia’s assets to be acquired by HomeFed (including the cash) is approximately $178.5 million. Upon closing, Leucadia will own approximately 65% of HomeFed’s outstanding common shares; however, Leucadia has agreed to limit its voting rights such that it will not have a majority voting interest in HomeFed.

The transaction is expected to close in March 2014 and is subject to obtaining certain consents and other customary closing conditions.

Richard B. Handler and Brian P. Friedman, Chief Executive Officer and President of Leucadia, respectively, commented, “We are pleased to increase our investment in HomeFed and believe this exchange will optimize the value of our real estate assets. Additionally, this consolidates our real estate focus at HomeFed and should add value for the shareholders of both companies.”

Additional details about this transaction are available in Leucadia’s current report on Form 8-K filed with the Securities and Exchange Commission.

About Leucadia

Leucadia National Corporation (NYSE:LUK) is a diversified holding company engaged through its consolidated subsidiaries in a variety of businesses, including investment banking and capital markets, beef processing, manufacturing, energy projects, asset management and real estate. The Company also owns equity interests in operating businesses that are accounted for under the equity method of accounting, including a commercial mortgage banking and servicing business, automobile dealerships and telecommunications services in Italy.

Copyright Business Wire 2010

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,813.39 +1.20 0.01%
S&P 500 2,088.87 -0.27 -0.01%
NASDAQ 5,116.1430 +13.3350 0.26%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs