After having their initial offer rebuffed by Inmarsat, EchoStar has made a second bid for the company just before the end of the statutory 28-day deadline – on 6 July – which started following their first offer. This second or “Improved Proposal”, received by Inmarsat on 3 July, was rejected by the company on 4 July. The terms of the “Improved Proposal” valued the “entire issued and to be issued” share capital at 532p per share – resulting in a company value of GBP£2.45 billion (US$3.24 billion).
Since this “Improved Proposal” was not accepted by Inmarsat, UK financial regulations stipulate EchoStar will not be able to make another offer for Inmarsat for six-months however, this does not necessarily preclude the two companies discussing the business further.
