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Inmarsat rejects EchoStar's improved $3.2B takeover offer

U.S. satellite company EchoStar Corp. has decided to withdraw its plan to acquire British satellite operator Inmarsat PLC, shortly after the British satellite operator rejected EchoStar's revised $3.2 billion cash and stock takeover offer.

EchoStar's revised proposal valued Inmarsat at 532 pence per share and also included a payment to holders of the Inmarsat 3.875% convertible bonds due 2023, according to a July 6 regulatory filing.

"The board remains highly confident in the independent strategy and prospects of Inmarsat, given our track record, unique capabilities, differentiated market position and strong channels to market," the British company Inmarsat said in response to EchoStar's withdrawal.

Inmarsat rejected EchoStar's first takeover offer in June.