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  • Saturday, April 20, 2024

Report: EchoStar Reveals 3% Equity Stake in Inmarsat


Colorado-based EchoStar (Nasdaq: SATS) disclosed in a stock exchange filing that it has secured a 3 percent equity stake in U.K.-based Inmarsat valued at approximately $108.9 million and a 10.4 percent position in the latter’s convertible bonds worth $67.4 million, Reuters reported Friday.

EchoStar needs to decide by July 6 whether to propose a firm offer for Inmarsat or forgo the plan, according to rules established by the U.K. takeover panel.

Eutelsat Communications and ViaSat (Nasdaq: VSAT) have been cited by analysts as potential counterbidders for Inmarsat, which offers satellite communication services to U.S. government clients through its Herndon, Va.-based subsidiary.

EchoStar’s stakebuilding came weeks after Inmarsat turned down the former’s preliminary takeover bid, saying the offer “undervalued” the satcom services provider.

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