Shares in Inmarsat plunged more than 10% in early trading on Friday after the Colorado-based EchoStar revealed its cash and shares offer had been rejected.
EchoStar, which has been building a small stake in Inmarsat, is refusing to give up its pursuit of the company as the latest foreign takeover saga continues to unfold.
“EchoStar continues, however, to seek engagement with the board of Inmarsat on a constructive basis, with a view to agreeing the terms of a recommended offer,” the company said.
EchoStar had its first offer, which was tabled last month, dismissed out of hand by Inmarsat, which said it “significantly undervalued” the company.
