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EchoStar drops Inmarsat bid after £3.2bn offer is rejected

US satellite company EchoStar dropped plans to take over Inmarsat after the UK-based satellite rival rejected a £3.2 billion (€3.6 billion) bid.

In a statement issued on Friday, EchoStar said that it does not now intend to make an offer for Inmarsat after the company turned down its 532 pence per-share offer for the entire issued and to-be-issued share capital of Inmarsat.

The news comes after Eutelsat ruled out making an offer for Inmarsat in late June.

Earlier that same month EchoStar made an initial “highly preliminary” offer for Inmarsat, which the Inmarsat board turned down claiming it undervalued the company.

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.