Eutelsat rejects unsolicited takeover bid
WASHINGTON — Satellite fleet operator Eutelsat has rejected an unsolicited $3.2 billion takeover offer from telecom magnate Patrick Drahi.
On Sept. 29, Eutelsat confirmed media reports that it had received an “unsolicited, preliminary and non-binding proposal” from Drahi but that Eutelsat’s governing bodies “unanimously decided not to engage in discussions based on the terms of this proposal.”
Eutelsat issued a second statement Sept. 30 stating that Drahi offered 12.10 euros ($14.02) per share, a 17 percent premium over Eutelsat’s closing share price the day before.
Drahi is the founder of Altice NV, a multinational telecommunications firm he took private in January amid an acquisition streak that included a 12% stake in British telecom operator BT Group.
Eutelsat, for its part, announced in April that it was paying $550 million to take a 24% stake in low-Earth-orbit broadband operator OneWeb.