Why Loral Space & Communications (LORL) Stock Is Down

NEW YORK (TheStreet) -- Shares of Loral Space & Communciations (LORL) are down -5.28% to $69.31 in pre-market trade after its attempt to sell itself and its main asset, Telesat Holdings Inc, broke down after the company failed to agree on a potential $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, Canada's Public Sector Pension Investment Board, which valued Loral at more $80 per share and Telesat at roughly $7 billion including debt, sources said.

Loral, has a 62.8% economic interest in Telesat and derives almost all of its value from the Canadian satellite communications company, Reuters said

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