Inmarsat bid talks break down

Mon 21 Jul 2008
LONDON (ShareCast) - Satellite operator Inmarsat (LSE: ISAT.L) has broken off talks with potential bidder Harbinger Capital (Berlin: HXF.BE) , though Harbinger says it is may still be interested in making a bid in the future.

Inmarsat said thre discussions focused principally on the regulatory processes relating to a possible offer, adding that Harbinger neither made an offer nor indicated a potential offer price.

Harbinger added that the regulatory and competition approval process required to effect an offer for Inmarsat could take up to 18 months, so it does not consider it appropriate to make a firm offer for Inmarsat at this stage.

It added, however that it is still interested in Inmarsat and is considering whether to pursue the relevant regulatory and competition approvals.

Assuming there is an acceptable conclusion to the regulatory approval process Harbinger would intend to re-enter into discussions with Inmarsat, its statement said.

Source:http://uk.biz.yahoo.com/080721/214/i3itp.html