Inmarsat shareholders back $3.4 billion takeover [Reuters (UK)]
INMARSAT PLC ADR (IMASY)
NASDAQ:AMEX Investor Relations:
investors.inmarsat.com
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Source: Reuters
Inmarsat shareholders back $3.4 billion takeover - Reuters 2 Min Read LONDON (Reuters) - Investors in Inmarsat voted on Friday to sell the British satellite firm to a private equity-led consortium for $3.4 billion following a recommendation from the company’s board that the offer was fair and reasonable. Nearly 79 percent of shares voted supported a so-called scheme of arrangement for the takeover by a consortium comprising UK-based Apax Partners, U.S.-based Warburg Pincus and two Canadian pension funds, Inmarsat said. Inmarsat’s board recommended the $7.21 per share cash offer in March, saying that although it was confident in the long-term prospects of the company, it would take time for the investment needed in its satellite networks to deliver returns. The consortium said it was attracted by Inmarsat’s long-term contracts to supply communications to governments and other customers, such as major shipping companies, and it saw considerable potential for Inmarsat’s growing business
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