HedgeCo.Net

New York (HedgeCo.Net) – Inmarsat shares took a dive yesterday after hedge fund Harbinger Capital halted talks of a possible takeover.  Harbinger has amassed a 28 percent stake in the U.K.-based mobile satellite communications group.

Harbinger, who has AUM upwards of $26 billion, decided to hold off after considering the lengthy process ahead in which they would have to gain clearance from the FCC.

“Harbinger remains interested in acquiring control of Inmarsat and is therefore actively considering whether to pursue the relevant regulatory and competition approvals in order to be able to make an offer for Inmarsat in the future,” the company said.

The hedge fund expressed interest in the company in hopes that Inmarsat might contribute to a U.S development of a satellite-based mobile phone network.

“Assuming there is an acceptable conclusion to the regulatory approval process, Harbinger would intend to re-enter into discussions with the board of Inmarsat regarding the terms of an offer and endeavour to seek a recommendation from the Inmarsat board at that time,” they added.

Harbinger isn’t the only hedge fund as of late to accumulate shares in Inmarsat.  Landsdowne Partners and Lehman Brothers have also been tapping into this market in hopes of consolidation in the industry.

Julie Scuderi
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Reuters- U.S. hedge fund Harbinger remains interested in buying British satellite communications firm Inmarsat, but is suspending talks for now because of the lengthy regulatory process involved, it said on Monday.

"Harbinger remains interested in acquiring control of Inmarsat and is therefore actively considering whether to pursue the relevant regulatory and competition approvals in order to be able to make an offer for Inmarsat in the future," the group, which already owns 28 percent of Inmarsat, said in a statement.

"Assuming there is an acceptable conclusion to the regulatory approval process Harbinger would intend to re-enter into discussions with the board of Inmarsat regarding the terms of an offer and endeavor to seek a recommendation from the Inmarsat board at that time."

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Times Online- Shares in Inmarsat, the mobile satellite communications group, plunged 12.2 per cent today after it emerged that Harbinger Capital, the activist American hedge fund investor, has suspended talks over a possible takeover.

While both parties left the door open to a future deal, Inmarsat’s stock lost 62.75p to fall to 449.75p in early trading.

Harbinger, which owns 28 per cent of Inmarsat, has put talks on hold to consider the lengthy regulation involved in such a deal, which could take up to 18 months.

The hedge fund would have to gain clearance from the Federal Communications Commission, the US industry watchdog that oversees the sector in a similar way to Ofcom in Britain.

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