Takeover row hits Inmarsat
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.