Home / M&A Activity / Report: EchoStar Calls for Talks With Inmarsat Board Over $3.2B Takeover Offer

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 “significantly 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.

Check Also

CACI to Support Navy Emergency Comms Tech Under $122M Task Order; Ken Asbury Comments

CACI International (NYSE: CACI) has received a potential five-year, $122 million task order from the General Services …

Report: CGI Federal Lands $530M Cyber Task Order Under CDM DEFEND

CGI’s (NYSE: GIB) federal business has received a potential $530 million task order to provide cybersecurity …