Shares in Inmarsat Plc jumped 17 percent on Wednesday after the British satellite operator said it was in talks about a $3.
3 billion cash offer from a private equity-led consortium, opening up the possibility of a bidding war.
"The decision to unilaterally disclose the consortium's six-week-old non-binding cash bid, almost identical in value to the rejected EchoStar bid, feels like a well-advised 'stalking horse' that could well now result in a revised bid ," Jefferies said. Inmarsat has also been investing heavily in its networks, particularly the opportunity to provide in-flight connectivity and as a result cut its dividend last year.
The consortium proposed a cash offer of $7.21, or 544 pence, for every Inmarsat share, a premium of 24 percent to Inmarsat's Tuesday close of 437.8 pence and a 47 percent premium to the price on Jan. 31.
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