Harbinger admits bid approach for Inmarsat

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Date: Monday 07 Jul 2008

LONDON (ShareCast) - Inmarsat has received a very preliminary approach from US hedge fund Harbinger Capital Partners, sending shares in the satellite communications business sharply higher.

Talks with Harbinger, which already owns 28.2% of the UK mid-cap, are at a very early stage, said Inmarsat, and an offer is not guaranteed.

“Harbinger is in the initial stages of assessing Inmarsat and confirms that it has made a preliminary approach to Inmarsat in relation to a possible offer for the entire issued and to be issued share capital of Inmarsat,” responded the US firm.

“No decision has been made regarding the merits or otherwise of a possible offer.”

It added that a lengthy regulatory approval process would be needed to effect an offer, making the timing of any potential deal uncertain.

In May, Inmarsat reported a profit before tax of $40.9m for the first quarter of 2008, up from $38.3m a year earlier, on revenue that rose to $147.9m from $140.8m.

Its Inmarsat-4 F3 satellite, scheduled for launch on 14 August, will complete the group’s next generation global satellite network to provide broadband MSS services to users worldwide.

It’s the first International Launch Services mission since a failure occurred during a mission in March carrying the satellite of another operator.

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