6th Jul 2018 16:56
LONDON (Alliance News) - US satellite communications company EchoStar Corp said Friday it does not intend to make a further offer for its UK peer Inmarsat PLC.
At the beginning of June, Inmarsat confirmed it rejected a second takeover proposal from EchoStar which it believed "significantly" undervalued the firm.
In June EchoStar said: "EchoStar believes a combination of EchoStar and Inmarsat is strategically compelling. The combined group would be one of the world's leading satellite providers and be well supported by a global portfolio of complementary assets and service offerings."
On Friday, Inmarsat said it noted the decision by EchoStar to not make a further offer.
"The board remains highly confident in the independent strategy and prospects of Inmarsat, given our track record, unique capabilities, differentiated market position and strong channels to market," Inmarsat said in a statement.
Inmarsat shares closed 8.0% lower at 483.80 pence on Friday.
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