Three others are slightly undervalued: Hewlett-Packard ( HPQ), Leucadia ( LUK) and UnitedHealth Group ( GS).
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For years Leucadia National has been known as a miniature Berkshire Hathaway ( BRK.A).
Jeffries CEO Richard Handler will be the CEO of Leucadia after the deal closes.
Now, little more than 12 months later, Leucadia is set to buy the rest of the business.
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Meanwhile, for Wall Streeters, Jefferies sale to Leucadia National highlights a score of questions overhanging the industry.
While Jefferies is being acquired, its leadership will be assuming control of Leucadia to a large degree.
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Leucadia was trying to collect on unsecured debt, where there is no collateral and little recourse for the lender.
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Leucadia already has stakes in other telecommunications businesses, but many saw the announcement as just an attempt to flush out other investors.
Berkshire, which has partnered on deals with Leucadia before, has a large balance sheet and can raise new capital at relatively low costs.
He also added to Jefferies ( JEF), which he has a lot of confidence in due to the investment of Leucadia ( LUK).
The company is trying to sell assets to avoid further cuts to its ratings, but vulture investor Leucadia National just balked at buying it.
Among the largest underlying components of PSP, in trading today American Capital ( ACAS) is trading lower by 1.1%, and Leucadia National Corporation ( LUK) is lower by about 2.1%.
Sachin Shah, a special situations strategist for Tullet Prebon questions whether there is any synergy to the merger of Jefferies and Leucadia National, as both companies stressed on an analyst call.
The customer for these services was Leucadia, a financial-services firm that bought hundreds of thousands of defaulted debt claims for pennies on the dollar and hired Mel Harris to recover what it could.
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Chief Executive Richard Handler will remain CEO of the brokerage firm and add the same role at Leucadia to his title, while executive committee chairman Brian Friedman will maintain that role and become president of Leucadia.
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Last July, MCI said that it had received notice from Leucadia National (nyse: LUK - news - people ) that it was asking the U.S. government for clearance to acquire at least 50% of MCI's stock.
Warren Buffett 's investment firm, Berkshire Hathaway (nyse: BRKa - news - people), and Leucadia International (nyse: LUK - news - people) will bail out embattled finance company Finova Group (nyse: FNV - news - people).
Successors to their line of thinking include Warren Buffett (whose Berkshire Hathaway missed my screen because it is not shrinking its share base) and the cagey folks running Leucadia National Corp. (which is losing money at the moment but has an extraordinary record of book value growth).
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