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Echostar walks away but Inmarsat still in play, say analysts
Has the takeover battle for UK satellites operator Inmarsat (ISAT) ended almost before it begun?
US peer Echostar had proposed a 532p per share deal that was dismissed as undervaluing Inmarsat. On 6 July the US firm, run by entrepreneur Charles Ergen, walked away.
European peer Eutelsat pulled out of making an offer in June.
Under takeover panel ‘put up or shut up’ rules Echostar is now barred from making a further approach to Inmarsat for six months.
However, in a unique twist, analysts believe offers to still come in for Inmarsat from another US firm called Dish, interestingly the sister company of Echostar.
‘The put up or shut up rules do not apply to Dish,’ say analysts at broker Exane.
Inmarsat shares have slipped to 517.5p having reached 632p on 25 June. (SF)