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Blast off

16 October 2003 By Fiona Maharg-Bravo

The UK private equity groups have secured a recommendation from the satellite group and irrevocable acceptances from 25% of shareholders. The rival US group’s attempt to derail the Brits on political grounds seems to have foundered. It will have to pay up if it wants to win. Apax and Permira upped their offer to $1.5bn and secured irrevocable acceptances from 25% of shareholders. But this auction was never just about price. Inmarsat has also managed to get the Brits to buy into its business plan.

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