A private equity-led consortium agreed to buy Inmarsat Plc for about $3.4 billio...
- A private equity-led consortium agreed to buy Inmarsat Plc for about $3.4 billion in cash after the British satellite operator rebuffed a slightly lower bid from U.S. rival EchoStar last year.
Inmarsat shareholders will get $7.21 cash, or 546 pence per share. Inmarsat’s shares were up 8.9 percent at 551 pence by 1422 GMT, higher than the offer price. The offer comprises cash of $7.09 for each share plus a previously agreed final dividend of $0.12 per share. That represents a nearly 45 percent premium to Inmarsat’s close on Feb. 27, the day before media reports said EchoStar was expected to renew its interest in the company.The consortium said it received support from Inmarsat’s top shareholder Lansdowne Partners, which holds about an 11.4 percent stake in the company.
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