Colorado-based satellite company EchoStar said late on Friday that it had no intention of making a formal takeover bid for the UK-based international maritime communications group Inmarsat.
The announcement was made half an hour before a 5pm deadline set by the UK Takeover Panel that required EchoStar to either make a firm offer for Inmarsat or walk away.
Earlier in the day EchoStar released a statement saying that a cash and shares offer that had valued the company at £5.32
