EchoStar walks away from offer for Inmarsat just before deadline

Colorado-based firm’s cash and shares offer valued UK rival at £3.2bn

US satellite company EchoStar has walked away from attempts to acquire Inmarsat after a second takeover bid was rejected by its UK rival.

EchoStar said it had no intention of making a formal takeover bid on Friday afternoon, after issuing a statement earlier in the day saying that its latest cash and shares offer had been rejected. Shares in Inmarsat closed down 8% at 484p.

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from US news | The Guardian https://ift.tt/2Nw8xca