UPDATE 1-Inmarsat takeover to clear final hurdle as hedge funds drop challenge [Reuters (UK)]
INMARSAT PLC ADR (IMASY)
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Source: Reuters
Inmarsat takeover to clear final hurdle as hedge funds drop challenge - Reuters 2 Min Read LONDON (Reuters) - A private equity consortium’s $3.4 billion (2.65 billion pounds) takeover of British satellite company Inmarsat ( ISA.L ) looked likely to go ahead after a group of hedge funds dropped plans to challenge the sale at a hearing on Tuesday. Their decision came after the buyers - British-based Apax Partners, U.S.-based Warburg Pincus and the Canada Pension Plan Investment Board (CPPIB) - said on Monday they would not increase or extend their offer. Hedge funds Oaktree, Kite Lake and Rubric Capital wanted the judge to block the takeover because they said the price did not reflect the value of Inmarsat’s contract with Ligado, a U.S. broadband company that licenses some of the satellite group’s airwaves. But Inmarsat’s buyer on Monday made its offer final and said it would not extend the Dec. 10 expiration date, in effect closing the window for the challengers to win any concession
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