Court hearing to sanction Inmarsat takeover pushed back to late November
StockMarketWire.com - Satellite company Inmarsat said a court hearing to sanction a takeover over the company had been delayed until towards the end of November.
Inmarsat in March agreed to a £3.4bn takeover by a consortium including Apax Partners, Warburg Pincus and Canadian pension funds.
The company on Friday said the hearing would be rescheduled from 12 November and now take place on 28 and 29 November 2019.
The delay came 'following discussions with the court with respect to the time it may need to prepare for and hear representations by interested parties', Inmarsat said.
Earlier this week, the company said it was pressing on with the court hearing, despite calls from one of its shareholders for a delay
Funds and accounts managed Oaktree Capital Management on Tuesday requested a delay to the court sanction until December, due to the potential regulatory approval of Ligado spectrum assets that could be beneficial to Inmarsat.
Inmarsat said in response on Tuesday that its boarded considered that there had been no material change since it recommended the acquisition.
At 1:27pm: (LON:ISAT) Inmarsat PLC share price was +3.9p at 561.9p
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