LONDON (Reuters) – Inmarsat <ISA.L>, the British satellite firm being acquired by a private equity-led consortium, has rejected a call by investor Oaktree Capital to delay the takeover court hearing until there is clarity on the status of its U.S. spectrum holdings.
Oaktree Capital, which owns a 2.85% stake in Inmarsat, called on the board to delay the Nov. 12 meeting because it said U.S. regulator FCC would likely make a key ruling on the airwaves shortly that could affect the value of the company.
The spectrum in question is leased to U.S. group Ligado which has asked the regulator to modify the way it can be used.
Inmarsat said it was aware of the recent commentary regarding the potential Ligado licence modification, and it was continuing to monitor developments.
But it added that the timing and prospect of revenue or any other value as a result of its co-operation agreement with the company remained uncertain.
Therefore it said there had been no material change since it recommended the $3.4 billion (£2.6 billion) acquisition in March by a consortium comprising Apax Partners, Warburg Pincus and two Canadian pension funds.
(Reporting by Paul Sandle; editing by Kate Holton)