Eutelsat has dropped plans for a possible takeover bid for Inmarsat, less than 24 hours after first announcing the intentions.
Eutelsat said it made its initial announcement on a possible bid due to market speculation and at the request of the UK Panel on Takeovers and Mergers, which has authority over London-based Inmarsat. However, the company now states that it does not intend to make an offer for Inmarsat.
Eutelsat said it will still have the right to announce an offer or participate in a joint offer for Inmarsat in the next six months under certain conditions specified in the UK takeovers code. This would require the consent of the board of Inmarsat, another party to launch a bid for Inmarsat or another material change of circumstances, as determined by the takeovers panel.
