Inmarsat PLC said Tuesday that contesting shareholders no longer intend to raise objections to the company’s proposed takeover by private investors being sanction at a court hearing.
Inmarsat ISAT, +0.85% said it has received confirmation from a law firm representing certain contesting shareholders. A court hearing on the deal is expected to start later on Tuesday.
Connect Bidco Ltd. — an entity owned by a consortium of Apax Partners, Warburg Pincus LLC, Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan Board — on Monday ruled out an increase to its $3.4 billion offer for the U.K. satellite company and said that closing the acquisition as soon as possible was in the best interests of Inmarsat shareholders.
The bid was accepted by Inmarsat’s board in March, and backed by a majority of shareholders at a meeting in May. However, three Inmarsat shareholders last month urged the company’s board to postpone a court hearing to sanction the takeover, arguing that its value could be boosted by one of its customers’ projects. Inmarsat responded by reiterating the unanimous support of its board for the offer.
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