Harbinger, a New York hedge fund, had on Monday announced that takeover talks with Inmarsat had ended because of regulatory complexities, though it said it was considering whether to apply for clearances for a bid. SkyTerra is a Reston, Va.-based rival satellite operator 48% owned by Harbinger, which also holds 29% of Inmarsat.
"Assuming an acceptable conclusion to the regulatory approvals process, the potential offeror intends to enter into negotiations with the board of Inmarsat regarding the terms of an offer and endeavor to seek the recommendation of the Inmarsat board at that time," the bid partners said.
Inmarsat shares were up 8.5 pence, or 1.8%, at 469 pence by early afternoon in London. At that price, the equity is worth £2.15 billion ($4.28 billion). -
Laura Board
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