Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers I > Headlines for Inmarsat plc > News item |
Inmarsat directors recommend acquirers’ bond offer plan
By Rebecca Melvin
New York, May 13 – Inmarsat plc’s directors unanimously recommend that the company’s convertible bond holders accept a proposed offer that is part of a $3.3 billion takeover offer of the satellite operator by a consortium of private equity firms, according to a regulatory filing on Monday.
The directors were advised by J.P. Morgan Cazenove, PJT Partners and Credit Suisse that the financial terms of the bond offer are fair and reasonable in the context of the acquisition, the filing stated.
Details of the offer from the entity known as Connect Bidco Ltd. were not immediately known. Connect Bidco consists of funds including Apax, Warburg Pincus, Canada Pension Plan Investment Board and the Ontario Teachers’ Pension Plan Board.
Inmarsat has $650 million of 3.875% convertibles due September 2023. The convertibles priced in 2016 with an initial conversion price of $13.409, which represented a 32.5% premium to Inmarsat’s common share price at the time.
Inmarsat rejected takeover offers from U.S. satellite company EchoStar last year, saying that the offers undervalued the company. The current Bidco offer, which was approved by Inmarsat shareholders last week, is said to be more attractive because of a higher per-share price and the all-cash aspect of the deal.
Inmarsat is a London-based satellite operator.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.