AVN.L Share News (AVN)

(ShareCast News) - Inmarsat has passed up the opportunity to make a bid for cash strapped smaller rival Avanti Communications, which put itself up for sale last month. Inmarsat responded to Avanti's advisers when they made contact as part of the AIM company's strategic review and formal sale process that was revealed to the market on 11 July."Inmarsat confirms it has withdrawn from Avanti's announced process and it is not considering an offer for the shares of Avanti," the FTSE 100 company said.There were reports late on Friday from Sky News that the pair would merge in a potential £4bn takeover deal after Inmarsat had made an approach to Avanti, though insiders suggested a number of other satellite industry players and private equity investor has also expressed interest.Both companies have seen their shares topple over the last year, with Inmarsat down from a peak above 1,140p in to below 700p as increased competition in some of its markets led to a profit warning, while Avanti has slumped 87% over the last year as investors worried about its $600m-plus debts and a potential restructuring.