Private equity-led consortium to buy Inmarsat for $3.4 billion cash
- A private equity-led consortium agreed to buy Inmarsat Plc for about $3.4 billion in cash after the British satellite operator last year rebuffed a slightly lower bid from U.S. rival EchoStar.
Inmarsat shareholders will get $7.21 cash, or 546 pence per share. Inmarsat’s shares were up 8.5 percent at 549 pence by 0910 GMT, just above the offer price. The offer comprises cash of $7.09 for each share plus a previously agreed final dividend of $0.12 per share, representing a nearly 45 percent premium to Inmarsat’s close on Feb. 27, a day before media reports said EchoStar was expected to renew its interest in the company.
Colorado-based EchoStar had proposed a cash and stock offer of 265 pence in cash and 0.0777 EchoStar shares for every Inmarsat share held, which valued Inmarsat at about 532 pence-a-share at the time.
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