DOD taking the mickey here18 Dec 2016 08:45
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Inmarsat bid five times Avanti (AVN) market cap
Yes, really. On Wednesday last week Patrick McDougal, Inmarsat’s head of business development and strategy, got in touch with Dominic Lester, joint head of investment banking in Europe at Jefferies & Co, Avanti’s advisory.
He wanted to table a second takeover offer for Avanti from Inmarsat, after a previous low-ball bid for the rival satellite operator had been rejected. Inmarsat was ready to pay at least 140p a share in cash for Avanti, subject to due diligence. At the time, shares in Avanti were trading just below 30p.