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Inmarsat Recommends Acceptance Of Soros Lead Buyout
London - Oct 18, 2003 The Independent Directors of Inmarsat Ventures plc and Grapeclose have announced the terms of a recommended Cash Offer for the whole of the issued and to be issued ordinary share capital of Inmarsat Ventures plc by Grapeclose, to be implemented by way of a scheme of arrangement under Section 425 of the Companies Act 1985. The Offer will be $15.00 in cash for each Inmarsat Ventures plc Ordinary Share, with a Partial Unit Alternative. The Cash Offer values Inmarsat Ventures plc's issued ordinary share capital, fully diluted for the exercise of all outstanding options, at approximately $1,538 million. Grapeclose has received irrevocable undertakings and statements of intent to support the Offer from Deutsche Telekom, Telenor and Xantic in respect of 25,142,920 Inmarsat Ventures plc Ordinary Shares in aggregate, representing 25.06 per cent. Of the issued ordinary share capital of Inmarsat Ventures plc. Grapeclose is being advised by Credit Suisse First Boston. The debt financing for the cash payable under the Offer has been jointly arranged by Barclays Capital, Credit Suisse First Boston and The Royal Bank of Scotland plc and fully underwritten by Barclays Bank PLC, Credit Suisse First Boston and The Royal Bank of Scotland plc. The equity financing is being provided by funds respectively advised by Permira and Apax Partners. Commenting on the Offer, Richard Vos, Chairman of Inmarsat Ventures plc said: "We believe the Cash Offer from Grapeclose of $15.00 per share is attractive and represents good value for our shareholders, and that Grapeclose is committed to the continuing investment in our new satellite programme that will allow us to provide an even higher speed global broadband service. We also believe that Grapeclose understands and values, and will therefore respect, Inmarsat's unique heritage." Richard Wilson, a Partner at Apax Partners, said, "We're excited about the opportunities that lie before the Company. Inmarsat benefits from a substantial global business with a long heritage, a powerful distribution network, and the prospects of growth driven by data services." "We are delighted with the tremendous support received from the shareholders with whom we have been able to discuss our plans. We are looking forward to speaking to as many shareholders around the world as we can in the coming weeks" said Graham Wrigley, a Partner at Permira. CommunityEmail This Article Comment On This Article Related Links SpaceDaily Search SpaceDaily Subscribe To SpaceDaily Express The latest information about the Commercial Satellite Industry
Orbcomm's Equity Financings Complete
Bremen, Germany (SPX) Jan 06, 2006OHB Technology affiliated company Orbcomm has announced that it has completed equity financings totaling over $110 million led by Pacific Corporate Group (PCG), which committed $60 million. New investors, in addition to PCG, include investment firms MH Equity Investors and Torch Hill Capital. |
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