Echostar seeks $3.2 billion bid talks with Inmarsat as deadline looms

July 6, 2018 9:12 AM

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LONDON (Reuters) - U.S. satellite group EchoStar (SATS.O) urged Britain’s Inmarsat (ISA.L) to open talks about a takeover approach worth $3.2 billion to shareholders just hours before a deadline for the American company to make a firm offer was due to expire.

Shares in Inmarsat fell 8.5 percent on Friday morning to 481 pence after EchoStar revealed it had made a cash and shares bid of 532 pence per share on July 3 that Inmarsat had rejected the following day.

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