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UK's Inmarsat rejects EchoStar takeover offer

British satellite operator Inmarsat PLC rejected a takeover bid from U.S. satellite company EchoStar Corp.

Inmarsat confirmed in a June 8 news release that it had received "a highly preliminary and indicative nonbinding proposal" from EchoStar that it said "very significantly undervalued Inmarsat."

Inmarsat said its board "remains highly confident in the independent strategy and prospects of Inmarsat."

J.P. Morgan Securities PLC, which conducts its U.K. investment banking business as J.P. Morgan Cazenove, is acting as exclusive financial adviser to Inmarsat on this matter.