Eutelsat has ruled out making an offer for Inmarsat, just a day after it confirmed it was evaluating a possible bid for the rival satellite operator.
In a statement issued today, Eutelsat said that it does not intend to make an offer for Inmarsat– a decision that will hold for six months as per rules set out by the UK Panel on Takeovers and Mergers.
The only circumstances under which Eutelsat will now be able to make an offer for Inmarsat within that timeframe is if: Inmarsat’s board gives its consent; a third party announces a firm intention to make an offer for Inmarsat; Inmarsat announces a ‘whitewash’ proposal or a reverse takeover; or if the Takeovers Panel determines there has been a material change of circumstances.
The news comes just a day after Eutelsat released an announcement saying it “notes the recent speculation and confirms that it is currently evaluating a possible offer for Inmarsat” – though it added there was no certainty that an offer would be made.
Inmarsat is a British company that owns and operates a global satellite network, offering mobile and fixed communications services for maritime, enterprise, government and aviation.
US-based satellite company EchoStar made a “highly preliminary” offer for Inmarsat earlier this month, which the Inmarsat board turned down claiming it undervalued the company.