Two weeks back, Phil Falcone resigned from the board of LightSquared Inc, the bankrupt wireless-spectrum owner he has poured his heart and soul into over the last god-knows-how-many years. He still owns a piece of the company, of course, but now that he’s no longer a director, he’s got a lot more time on his hands to focus on other pursuits, with same level of dedication he previously gave to his old passion project. And now that his waking hours don’t involve dealing with naysayers who would put “may cost 794 lives in aviation accidents over 10 years with disruptions to satellite-aided navigation” in the column for why LightSquared should never see the light of day, he’s got a new dream. And that dream involves weed control, potted plants, and yes, bird feeders, too.

Philip Falcone is close to mounting a $1.1bn unsolicited offer for one of the US’s largest lawn seed producers, in what would mark a return to dealmaking by the high-profile hedge fund manager. Harbinger Group, the New York fund of which Mr Falcone is chief executive, will make a public offer to buy Central Garden & Pet for about $10 a share in cash after months of failing to agree a deal in private, according to people familiar with the matter. High quality global journalism requires investment. A takeover of CG&P, which sells outdoor goods ranging from weedkiller to aviaries, comes less than a year after Mr Falcone and Harbinger agreed an $18m settlement with the US Securities and Exchange Commission after admitting to misusing customer funds to pay personal taxes. The settlement became a test case for the SEC’s ability to hold companies and individuals more accountable. As well as a straightforward offer for the whole of CG&P, which would value it at about $1.1bn including debt, Harbinger is also exploring making an offer for just the pet division, worth about $750m in cash, according to people familiar with the matter.

Falcone eyes $1.1bn lawn seed deal [FT]
Falcone’s Harbinger Group Offers to Buy Central Garden and Pet [Dealbook]

18 comments (hidden to protect delicate sensibilities)
Show all comments ↓

Comments (18)

  1. Posted by guest | June 23, 2014 at 1:58 PM

    He's going to merge it with the violin-shaped pool "business."

  2. Posted by guest | June 23, 2014 at 2:50 PM

    why can't this guy just stick to hockey?

  3. Posted by guest | June 23, 2014 at 2:50 PM

    is he going to appoint Lisa Maria to the board?

  4. Posted by guest | June 23, 2014 at 2:50 PM

    not sure she has much experience with grass, so to speak.

  5. Posted by guest | June 23, 2014 at 2:51 PM

    somehow this all makes sense.

  6. Posted by guest | June 23, 2014 at 2:51 PM

    I'd pay to see PF mowing someone's lawn.

  7. Posted by guesticles | June 23, 2014 at 2:51 PM

    or pruning the hedges.

  8. Posted by guest of a guest | June 23, 2014 at 2:51 PM

    viva la phil!

  9. Posted by guestie | June 23, 2014 at 2:53 PM

    Phil Falcone, author of "How to Become a Millionaire!"*

    * NB: I made this joke on a prior Friday post after hours.

  10. Posted by guest of a guest | June 23, 2014 at 3:00 PM

    it's still good. also, he's a billionaire, if you can believe that.

  11. Posted by InfiniteGuest | June 23, 2014 at 3:24 PM

    Surely you can think up better ways to troll the Joke Briefer.

  12. Posted by trader | June 23, 2014 at 4:49 PM

    I'd like to dance on his face.

  13. Posted by Bandersnatch | June 23, 2014 at 5:19 PM

    I don't want to over-react but if this is some ill-conceived scheme to get a discount on "pet" products and food then Phil has another thing coming. I don't care what kind of hit his net worth has taken; I have become accustomed to a certain NYC boutique lifestyle and I shall not become a consumer of mass-market Middle America pet products!
    – W.F.

  14. Posted by Guest | June 23, 2014 at 5:31 PM

    Knowing him it is.

  15. Posted by Guest | June 24, 2014 at 9:02 AM

    Given the amount of investments that have tanked on him, I seriously doubt he is capable of pruning any type of hedge

  16. Posted by lmf | June 28, 2014 at 8:56 PM

    What a total joke. He is such a shady loser…

  17. Posted by lmf | June 30, 2014 at 2:37 PM

    U are not the only one. Image working for him

  18. Posted by lmf | June 30, 2014 at 2:39 PM

    Luck. Needs $$$ for all his girls