Echostar Offers To Acquire Loral Space & Communication For $1.45 Billion - Update
(RealTimeTraders.com) - Tuesday evening, EchoStar Communications Corp., (DISH) a satellite television network announced that it has offered to buy Loral Space & Communications Ltd. for $1.45 billion.
The company said that a letter was distributed proposing to acquire New York-based Loral's North American satellite fleet for it more than $1 billion as well as the firm's other assets for $450 million.
The letter was addressed to Loral's board of directors.
The bankruptcy court Monday approved modified bidding procedures under which Loral can solicit additional offers for its North American fleet and other assets.
Loral filed for bankruptcy protection July 15 in an effort to trim its debt and sell its North American telecommunications satellites.
DISH ended Tuesday’ s regular session at $35.95, losing $0.19, on a volume of 3.4 million shares
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