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  • Friday, November 22, 2024

Report: EchoStar Calls for Talks With Inmarsat Board Over $3.2B Takeover Offer


Colorado-based EchoStar (Nasdaq: SATS) called on Inmarsat to initiate discussions with shareholders about its $3.2 billion takeover offer and that it would pursue the bid if given a deadline extension, Reuters reported Friday.

EchoStar has until Friday, July 6, to decide whether to present a firm offer for Inmarsat or drop the plan for six months based on the rules of the U.K. takeover panel.

The U.S.-based satellite group disclosed that it made a bid of approximately $7.05 per share on Tuesday that Inmarsat turned down a day after, saying the offer œsignificantly undervalued the U.K.-based firm and its prospects.

The move came weeks after EchoStar revealed in a stock exchange filing that it secured a 3 percent equity stake in Inmarsat and nearly a month after the latter declined the U.S. firm™s first takeover offer.

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