6 Jul 2018 08:40
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.
THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE NOR AS TO THE TERMS ON WHICH ANY FIRM OFFER MIGHT BE MADE.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
FOR IMMEDIATE RELEASE
6 July 2018
Inmarsat plc
Statement regarding possible offer for Inmarsat plc by EchoStar Corporation
The Board of Inmarsat plc ("Inmarsat" or the "Company") notes today's announcement by EchoStar Corporation ("EchoStar") including details of its revised conditional dollar-denominated proposal to acquire the entire issued, and to be issued, share capital of Inmarsat at an equivalent value of 532 pence per Inmarsat share (the "Revised Conditional Proposal"), which was originally communicated to the company on 3 July 2018.
After carefully considering the Revised Conditional Proposal with its advisers the Board rejected the Proposal on 4 July 2018 on the basis that it very significantly undervalued Inmarsat and its standalone prospects. The Board remains highly confident in the independent strategy and prospects of Inmarsat.
There can be no certainty either that any firm offer will be made by EchoStar or as to the terms on which any offer might be made.
In accordance with Rule 2.6(a) of the Code, EchoStar is required, by not later than 5.00 p.m. (London time) on 6 July 2018, to either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies.
This announcement has been made without the prior approval of EchoStar.
Enquiries
Inmarsat plc | |
Rob Gurner (Investor Enquiries) | Tel: +44 (0) 20 7728 1518 |
Jonathan Sinnatt (Media Enquiries) | Tel: +44 (0)20 7728 1935 |
J.P. Morgan Cazenove | Tel: +44 (0) 20 7742 4000 |
Hugo Baring | |
Charles Harman | |
Adam Laursen | |
PJT Partners | Tel: +44 (0) 20 3650 1100 / +1 212 364 7800 |
Simon Lyons | |
Scott Matlock | |
Jim Murray | |
Jonathan Hall |
Important notices
J.P. Morgan Securities plc, which conducts its UK investment banking business as J.P. Morgan Cazenove ("J.P. Morgan Cazenove"), is authorised and regulated in the United Kingdom by the Financial Conduct Authority. J.P. Morgan Cazenove is acting as financial adviser exclusively for Inmarsat and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters in this announcement and will not be responsible to anyone other than Inmarsat for providing the protections afforded to clients of J.P. Morgan Cazenove, nor for providing advice in relation to any matter referred to herein.
PJT Partners (UK) Limited ("PJT Partners") which is authorised and regulated by the Financial Conduct Authority is acting exclusively for Inmarsat and no one else in connection with the matters described herein and will not be responsible to anyone other than Inmarsat for providing the protections afforded to clients of PJT Partners or for providing advice in connection with the matters described herein.