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Inmarsat shares launched higher after French satellites firm Eutelsat says considering takeover move

In a brief statement, Eutelsat confirmed that it is “currently evaluating a possible offer for Inmarsat" but said there was no certainty an offer would be made
Satellite
Earlier this month, Inmarsat said it had rejected a takeover approach from US-based EchoStar, which has been building a stake in the UK firm

Inmarsat Plc (LON:ISAT) shares rose on Monday after French satellites company Eutelsat revealed that it is considering launching an offer for its UK-listed rival.

In a brief statement, Eutelsat confirmed that it is “currently evaluating a possible offer for Inmarsat" but said there was no certainty an offer would be made.

READ: Mixed opinions on Inmarsat following rejection of EchoStar offer

Earlier this month, Inmarsat rejected a takeover approach from US-based EchoStar Corp (NASDAQ:SATS) which has been building a stake in the UK firm.

The FTSE 250-listed firm said it believed Echostar’s offer “significantly undervalued” the company

In late afternoon trading, Inmarsat shares were 4.7% higher at 634.6p, with the company yet to respond to Eutelsat’s statement.

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