Inmarsat rejets EcoStar takeover bid
Posted: Sun, Jul 8, 2018, 9:42 AM ET (1342 GMT)
Inmarsat has rejected a second takeover proposal from EchoStar hours before a deadline Friday. EchoStar proposed a deal that valued Inmarsat's equity at $3.2 billion, or $4.2 billion when including convertible bonds. Inmarsat said the proposal "very significantly undervalued" the company. EchoStar is now required to wait six months under British regulations before making another bid. Eutelsat had also shown an interest in Inmarsat last month, but decided at the time not to pursue a bid.
Inmarsat has rejected a second takeover proposal from EchoStar hours before a deadline Friday. EchoStar proposed a deal that valued Inmarsat's equity at $3.2 billion, or $4.2 billion when including convertible bonds. Inmarsat said the proposal "very significantly undervalued" the company. EchoStar is now required to wait six months under British regulations before making another bid. Eutelsat had also shown an interest in Inmarsat last month, but decided at the time not to pursue a bid.
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