EchoStar Drops Plans for Formal Bid for Inmarsat

Inmarsat has announced that EchoStar will not be making a formal offer for the company. The news comes after EchoStar renewed its attentions for Inmarsat with a fresh GBP 3.2 billion bid, which Inmarsat said was still too low. EchoStar had made an offer for the company earlier, which “significantly undervalued” the value of the company, Inmarsat said. After its first attempt, EchoStar said it would still try to find to find common ground with Inmarsat, with a view to buying. But it has now walked away from the deal.

Inmarsat reiterated it was highly confident in the company’s independent strategy and prospects, given its track record, unique capabilities, differentiated market position and strong channels to market. The company will publish its results for the first half on 2 August. – Telecompaper