Hedge-fund manager Mark Rachesky is playing another game of “The Price is Right,” the Loral edition.
Rachesky’s MHR Fund Management, which owns a controlling stake in Loral Space & Communications, put the New York satellite company on the block in January.
The former Carl Icahn protégé is said to be seeking between $80 and $90 a share for Loral — well above Friday’s closing price of $70.94. The stock is down from a high of $82.13 after The Post first broke news of the auction.
The Ontario Teachers’ Pension Plan has been the lone bidder for Loral since late March and has reduced its offer price since gaining exclusivity, a source said.
The sale of Loral is really about gaining control of its sole asset: a 62.8 percent stake in Canadian satellite company Telesat.
Loral and the other Telesat shareholder, Canada’s Public Sector Pension Investment Board, have been exploring the joint sale of Telesat — which at Rachesky’s asking price would be worth more than $7 billion. PSP is planning to sell only part of its stake in Telesat.
The three parties — Rachesky, OTTP and PSP — need to come together in the next few weeks or the sales process will likely fall apart, sources said.
Rachesky appears comfortable waiting it out, in part because of Telesat’s latest strong earnings report. Revenue rose 7 percent in the quarter, while earnings before interest, taxes, depreciation and amortization, or Ebitda, jumped 13 percent.
However, he might be playing a risky game, as OTTP also has some leverage as the only bidder, one source said.
MHR declined comment and OTTP did not return calls.