Eutelsat may bid for Inmarsat to beat EchoStar

Eutelsat QuantumEutelsat Communications today announced that it is currently evaluating a possible offer for the UK-based Inmarsat.

The announcement is in the wake of EchoStar revealing its interest in acquiring Inmarsat.

Eutelsat in a statement issued on Monday did not reveal terms of any potential offer since there is no guarantee on the possibility of a bid for Inmarsat.

US-based EchoStar said that it has nearly 3 percent shareholding in Inmarsat, as well as 10.4 percent position in its convertible bonds.

Inmarsat announced earlier this month that it had rejected a takeover approach from EchoStar because it very significantly undervalued its business. Inmarsat did not disclose the terms of the bid from EchoStar.

The Colorado-based company has time until July 6 to make a firm offer or walk away from the FTSE 250 group, under rules set by Britain’s Takeover Panel.

London-based Inmarsat was set up by the International Maritime Organization as a way for ships to stay in communication with shore and make emergency calls.