Shares in UK Satellite communications group Inmarsat soared more than 16%, as they announced they are considering a $3.3bn takeover bid.
Inmarsat had received an approach from investor group, led by private equity firms, Apax and Warburg Pincus, stock surged to 17% following the announcement on Tuesday evening.
The consortium includes, Canada Pension Plan Investment Board along with, the Ontario Teachers Pension Plan Board, with UK Group APax and US based, Warburg Pincus.
Inmarsat said the offer is “under discussion,” and the group are required to make a firm offer by 16 April under takeover rules.
The consortium tabled a cash proposal of $7.21 per share on 31 January, valuing the company are around $3.3bn.
The deal is being advised by Clifford Chance for Inmarsat, Teneo a management consultancy firm are working with Warburg Pincus.