Takeover row hits In­marsat

Scottish Daily Mail - - City & Finance -

REBEL share­hold­ers are pre­par­ing to go to court in an ex­tra­or­di­nary at­tempt to block the £4.7bn pri­vate eq­uity takeover of Bri­tish satel­lite telecom­mu­ni­ca­tions com­pany In­marsat.

In a highly un­usual tac­tic, Oak­tree Cap­i­tal and its al­lies will urge a judge to with­hold final ap­proval of the deal un­til a row is set­tled over how much in­vestors should be paid.

It comes af­ter the buy­out won ap­proval from reg­u­la­tors and a ma­jor­ity of share­hold­ers.

But the stand-off means the takeover could face yet more de­lays, af­ter scru­tiny from the UK Gov­ern­ment on na­tional se­cu­rity grounds held it up pre­vi­ously.

The Lon­don-listed com­pany, one of the world’s lead­ing mo­bile and satel­lite com­mu­ni­ca­tion spe­cial­ists, has ma­jor con­tracts with the Bri­tish and US mil­i­taries, and is the largest provider of in-flight wi-fi for air­lines.

The court hear­ings are sched­uled for Novem­ber 28 and 29. At this stage in the takeover, they would nor­mally be seen as a for­mal­ity with only In­marsat putting for­ward ev­i­dence. But the rebel share­hold­ers are now set to rep­re­sent them­selves at the hear­ings in a last-ditch at­tempt to se­cure a higher pay­out.

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