July 6, 2018 / 4:02 PM / in 3 months

EchoStar drops $3.2 billion bid for Inmarsat

(Reuters) - U.S. satellite group EchoStar Corp (SATS.O) said it does not intend to make an offer for Britain’s Inmarsat Plc (ISA.L) after the British company rejected a $3.2 billion takeover approach.

FILE PHOTO: A technician looks at a solar panel on the Inmarsat S-Band/Hellas-Sat 3 satellite in the clean room facilities of the Thales Alenia Space plant in Cannes, France, February 3, 2017. REUTERS/Eric Gaillard/File Photo

Earlier on Friday, EchoStar revealed it had made a cash and shares bid of 532 pence per share on July 3, which was rejected by Inmarsat the following day.

Shares of EchoStar edged up on the news and were up 1.7 percent by 1538 GMT, while Inmarsat shares were down 8 percent.

Reporting by Muvija M in Bengaluru, Editing by Louise Heavens

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