Deals
Inmarsat Spurns EchoStar Takeover, Calling It Lowball Offer
- Company says offer ‘very significantly undervalued’ prospects
- Satellite company’s slump has increased takeover speculation
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Inmarsat Plc rebuffed a takeover proposal from EchoStar Corp., saying the bid undervalued the British satellite company and its outlook as an independent business.
The “highly preliminary” offer was turned down by the board after discussions with its advisers, Inmarsat said in a statement on Friday. “It very significantly undervalued Inmarsat and its stand-alone prospects. The board remains highly confident in the independent strategy and prospects of Inmarsat.”