|Bid||544.40 x 0|
|Ask||544.60 x 0|
|Day's Range||539.80 - 550.00|
|52 Week Range||355.00 - 617.20|
|Beta (3Y Monthly)||-0.02|
|PE Ratio (TTM)||N/A|
|Earnings Date||Mar 5, 2020 - Mar 6, 2020|
|Forward Dividend & Yield||0.16 (2.90%)|
|1y Target Est||7.17|
Japan has entered December determined that its financial markets should finish 2019 with a year-end disco of seismic policy changes, philosophical debates and grand gestures. Elon Musk applauded the move by the Japanese fund, responding to a tweet of Leo Lewis’s story by our colleague Tony Tassell. It’s safe to say that Musk and short-sellers don’t see eye to eye.
The takeover of Inmarsat by a private equity-led consortium was rubber stamped by London's High Court on Tuesday after a group of hedge funds earlier abandoned a challenge to the $3.4 billion deal. The scheme of arrangement for the takeover was sanctioned on Tuesday, Inmarsat said in a statement to the stock market.
A London judge has sanctioned the $6bn private equity takeover of British satellite group Inmarsat, taking the deal closer to completion after a group of hedge funds dropped their opposition. Oaktree Capital Management and other investors had planned to raise objections to a recommended takeover of the FTSE 250 tech group by a private equity consortium led by Apax and Warburg Pincus at a High Court hearing on Tuesday but backed down overnight. A successful move to block the scheme of arrangement would have been unprecedented and could have undermined the established takeover process in Britain, bankers say.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.A group of Inmarsat Plc shareholders dropped their opposition to a $3.4 billion takeover of the satellite operator, paving the way for a private equity buyout. Hedge funds Oaktree Capital Management, Kite Lake Capital Management and Rubric Capital Management LP had complained they were at risk of being short-changed, arguing that the takeover price failed to reflect the full value of Inmarsat’s spectrum assets.Hours before a London court was due to hear the case on Tuesday, Inmarsat said in a statement that the shareholders “no longer intend to raise objections” at the hearing.The buyout consortium, which includes Apax Partners and Warburg Pincus, said Monday it wouldn’t increase its cash offer from March, representing a “substantial premium” to the share price before the bid. The three contesting shareholders confirmed in a separate statement that they decided to drop their opposition after the buyers refused to raise the price. They said they hadn’t intended to prevent the buyout from being allowed by the court, but wanted to create an opportunity for Inmarsat and the bidders to revise the offer.Another shareholder that had objected to the deal terms, Albert Bridge Capital LLP, declined to comment.Inmarsat shares rose 0.6% to 543.6 pence by 10:14 a.m. in London. The stock is down 10% from a closing high of 608.2 pence in early September as speculation of a counterbid faded.The shareholder complaints focused on deferred payments to lease airwaves from Inmarsat by U.S. firm Ligado Networks LLC, which they said could add significantly to the company’s value.Inmarsat said last month that the takeover price reflected “any potential for residual upside” from Ligado.Bloomberg Intelligence analyst John Davies said it’s a “sensible move” for the hedge funds to drop their complaints because the bidders refused to pay more, and the U.S. Department of Defense had signaled its opposition to Ligado’s proposed use of airwaves.(Updates with share price in seventh paragraph)\--With assistance from Nishant Kumar.To contact the reporter on this story: Thomas Seal in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Rebecca Penty at email@example.com, Thomas PfeifferFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A private equity consortium's $3.4 billion takeover of British satellite company Inmarsat was approved at a court hearing on Tuesday after hedge fund investors dropped a plan to challenge the value of the deal. Activists Oaktree, Kite Lake and Rubric Capital wanted the court to block the deal's "scheme of arrangement" because they said the price did not reflect the value of Inmarsat's longstanding agreement with U.S. broadband company Ligado. Victory for the hedge funds would have sent shockwaves through the M&A sector because scheme of arrangements are usually rubber stamped by courts following shareholder approval.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Orbcomm, Inc and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
Inmarsat, the British satellite firm being acquired by a private equity-led consortium, has rejected a call by investor Oaktree Capital to delay the takeover court hearing until there is clarity on the status of its U.S. spectrum holdings. Oaktree Capital, which owns a 2.85% stake in Inmarsat, called on the board to delay the Nov. 12 meeting because it said U.S. regulator FCC would likely make a key ruling on the airwaves shortly that could affect the value of the company. Inmarsat said it was aware of the recent commentary regarding the potential Ligado licence modification, and it was continuing to monitor developments.
The British government on Tuesday cleared the acquisition of satellite communications company Inmarsat by a private equity consortium after it accepted undertakings given by the acquirer relating to national security. The consortium of UK-based Apax partners, US-based Warburg Pincus and two Canadian pension funds agreed to buy the provider of satellite communications to shipping, aircraft and governments for $3.4 billion in March.
UK telecommunications and satellite operator Inmarsat on Monday revised its US$1.75bn leveraged loan as investors, wary of a cooling economy, raised concerns about the company's leverage, limited cash flow and increased competition in the telecommunications and satellite operations industry, sources familiar with the transaction told Refinitiv LPC. Inmarsat, which will use the term loan B to support its purchase by a consortium of investors led by Apax Partners, decreased the size of the term loan B by US$700m from US$2.7bn and increased its concurrent bond to US$1.825bn from US$1.125bn on September 20.
The B1 rating on the USD 1.125 billion of bond debt reflects its pari-passu ranking with the B1 rated USD2.7 billion term loan B and the B1 rated USD700 million of revolving Credit Facility (RCF, due 2024) being issued by the same entities.
Moody's Investors Service ("Moody's") has today assigned a B1 corporate family rating (CFR) and B1-PD probability of default rating (PDR) to Connect Bidco Limited ('Connect Bidco'), the top-entity of the ring-fenced group that will acquire and ultimately own Inmarsat plc ('Inmarsat') (Connect Bidco Limited is a joint venture company formed by private equity groups Apax and Warburg Pincus alongside Canada's CPPIB and Ontario Teachers' Pension Plan Board). The agency has also assigned B1 ratings to the USD2.7 billion term loan B (due 2026) and USD700 million of revolving Credit Facility (RCF, due 2024) being issued by Connect Finco Sarl and Connect U.S. Finco LLC (a newly formed entity to be a subsidiary of Connect Bidco) in order to pre-fund the acquisition transaction expected to be completed before year-end 2019.
Britain said on Monday it would scrutinise the acquisition of satellite communications firm Inmarsat by a private equity-led consortium to examine any potential impact on national security. Inmarsat, which provides communications to shipping, aircraft, military forces and other groups worldwide, agreed in March to be acquired for $3.4 billion in cash by a consortium comprising Apax, Warburg Pincus, Canada Pension Plan Investment Board and the Ontario Teachers' Pension Plan. The British government said the Competition and Markets Authority would examine the competition and national security aspects of the deal, and would submit a report to the relevant minister by Sept. 17.
The Competition and Markets Authority (CMA) said on Tuesday it was looking into whether the proposed acquisition of Britain's largest satellite company Inmarsat by a private equity-led consortium would affect the competitive landscape. The review comes amid a tough regulatory environment for mergers and acquisitions (M&A), with the CMA previously blocking Sainsbury's 7.3 billion pound takeover of Walmart-owned Asda in April. Founded in 1979, Inmarsat was set up by the International Maritime Organization as a way for ships to communicate with shore and make emergency calls.