Home / M&A Activity / Reports: Inmarsat Turns Down EchoStar’s Takeover Offer

Reports: Inmarsat Turns Down EchoStar’s Takeover Offer

Inmarsat has declined to accept Colorado-based EchoStar’s (Nasdaq: SATS) takeover bid, saying the offer “undervalued” the U.K.-based satellite communications provider, Reuters reported Saturday.

“After carefully considering the proposal with its advisers the board rejected the proposal on the basis that it very significantly undervalued Inmarsat and its standalone prospects,” Inmarsat said in a statement.

“The board remains highly confident in the independent strategy and prospects of Inmarsat,” the company added.

Reuters said the bid speculation resulted in a 13.5 percent increase in its shares Friday and brought its market capitalization to approximately $2.95 billion.

Bloomberg reported that Inmarsat called the bid “highly preliminary” and expects aviation services to drive growth in the next few years with plans to diversify into connected cars and other businesses.

Check Also

Dan Coats Returns to King & Spalding as National Security Senior Policy Adviser

Dan Coats, former director of national intelligence and a 2019 Wash100 winner, has rejoined King & Spalding as senior policy adviser within the law firm’s national security team in Washington, D.C.

Jacobs Gets Tyndall Air Force Base Reconstruction Support Contract

Jacobs Engineering Group has been selected to craft requirements and standards for a post-hurricane  reconstruction program at Tyndall Air Force Base in Florida. Jacobs said Tuesday it will act as a subconsultant to KBR (NYSE: KBR) on the project and aims to help the base update facility standards in accordance with the  Installation of the Future strategy.