|Bid||547.80 x N/A|
|Ask||548.20 x N/A|
|Day's Range||547.40 - 553.80|
|52 Week Range||355.00 - 646.00|
|Beta (3Y Monthly)||1.62|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.16 (2.86%)|
|1y Target Est||7.17|
On Tuesday, Blackstone Group LP & Hellman & Friedman failed to secure enough support for their bid to buy Scout24 AG four years after the pair took the German directories business public. Inmarsat Plc is being taken over by group of private equity firms including Apax Partners LLP and Warburg Pincus LLC. Owners of 79% of the company’s stock backed the deal, exceeding the offer’s 75% threshold.
Investors in Inmarsat voted on Friday to sell the British satellite firm to a private equity-led consortium for $3.4 billion (2.6 billion pounds) following a recommendation from the company's board that the offer was fair and reasonable. Nearly 79 percent of shares voted supported a so-called scheme of arrangement for the takeover by a consortium comprising UK-based Apax Partners, U.S.-based Warburg Pincus and two Canadian pension funds, Inmarsat said. Inmarsat's board recommended the $7.21 per share cash offer in March, saying that although it was confident in the long-term prospects of the company, it would take time for the investment needed in its satellite networks to deliver returns.
Inmarsat, the British satellite firm that agreed a $3.4 billion (£2.6 billion) private-equity takeover in March, reported a 13 percent fall in quarterly earnings, hit by weak demand from the shipping sector and a lower contribution from partner Ligado. Shareholders will vote on the offer from a consortium of UK-based Apax Partners, U.S.-based Warburg Pincus and two Canadian pension funds on May 10. The mobile satellite communications provider has been selling in-flight Wi-Fi to airlines through its aviation business, which cushioned some of the blow from declines in its older products.
As far as the stock is concerned, it was a success: Boeing shares ended up 5 percent on the week as investors took heart from the company’s progress on rolling out an update for anti-stall flight-control software that’s thought to have been a factor in two fatal crashes. As far as rebuilding confidence in the plane and thwarting scrutiny over the cozy relationship between Boeing and the FAA, it fell flat. Boeing’s proposed update will make it easier for pilots to manually override the so-called Maneuvering Characteristics Augmentation System, and the software will now compare readings from two sensors before pushing the plane’s nose down.
Moody's Investors Service ("Moody's") has today placed on review for downgrade Inmarsat plc's ("Inmarsat") Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating (PDR) as well as the Ba3 ratings on Inmarsat Finance plc's $1.0 billion Senior Unsecured Global Notes due 2022 and $400 million Senior Unsecured Global Notes due 2024, which are unconditionally guaranteed by Inmarsat Group Limited and Inmarsat Investments Limited. The outlook for both entities has been changed to rating under review from stable.
The FTSE 100 fell 0.4 percent and the domestically-focussed FTSE 250 shed 1.1 percent to hit its lowest since Feb. 12. Last week's cautious remarks from the U.S. Federal Reserve and weak manufacturing data from Germany and the United States once again raised concerns about the world economy, making stocks, generally considered riskier assets, less appealing.
The consortium, which includes UK-based Apax Partners, U.S.-based Warburg Pincus and two Canadian pension funds, is betting in part on Inmarsat's reputation for selling faster and more reliable in-flight Wi-Fi to commercial airlines worldwide. Inmarsat shareholders will get $7.21 cash, or 546 pence per share. Inmarsat's shares were up 8.9 percent at 551 pence by 1422 GMT, higher than the offer price.
A consortium of buyout firms and pension funds agreed on Monday to buy Inmarsat Plc for $3.4 billion, nine months after the board of the U.K. satellite group rejected a comparably priced offer from billionaire Charlie Ergen as too cheap. There’s been no colossal change in Inmarsat’s outlook since then. Inmarsat used to be a FTSE 100 stock, paying reliable dividends.
The eyesore of Old Street roundabout is the last place you’d expect to find mission control for a fleet of space craft. From Inmarsat’s London offices, it launches and guides a fleet of high-altitude satellites used to provide mobile comms in remote places, from deserts to ships and aircraft. Sadly, the London Stock Exchange is not a forgiving place for such big-spending tech companies.
Satellite firm Inmarsat succumbed to a second takeover bid in eight months on Monday as it recommended a $3.4 billion (£2.6 billion) offer from a private equity-led consortium. The 546p all-cash offer comes from a team including Apax Partners, the buy-out house which floated Inmarsat in 2005, fellow PE firm Warburg Pincus and two Canadian pension funds, and beats a cash-and-shares 532p bid from Inmarsat’s US rival EchoStar last July. Inmarsat began life in 1979 as the International Maritime Satellite Organization, providing communication services to shipping, but was privatised 20 years ago.
The consortium, which includes UK-based Apax Partners, U.S.-based Warburg Pincus and Canada Pension Plan Investment Board (CPPIB), offered $7.21 per share on Jan. 31 and the proposal remains under discussion, Inmarsat said in a statement. The $7.21 (543 pence) per share offer is at a premium of about 24 percent to Inmarsat's Tuesday close of 437.8 pence on the London Stock Exchange.
Inmarsat Plc said on Tuesday it has received a cash takeover offer from a private equity-led consortium, a deal that would value the British satellite company at about $3.3 billion and take it private. The consortium, which includes UK-based Apax Partners, U.S.-based Warburg Pincus and Canada Pension Plan Investment Board (CPPIB), offered $7.21 per share on Jan. 31 and the proposal remains under discussion, Inmarsat said in a statement.