The contesting shareholders were objecting to the billion-dollar sale, arguing that the sale price of Inmarsat did not adequately reflect the value of a contract in place with Ligado Networks.
The $3.4bn sale of London-based satellite operator Inmarsat to a consortium has received the green signal to proceed after contesting shareholders withdrew their objections in a last-minute High Court reversal of their position.
The consortium, led by Apax Partners and Warburg Pincus, Canada Pension Plan Investment Board and Ontario Teachers Pension Plan Board, said: Having considered our position carefully, we now no longer intend to raise objections to the scheme being sanctioned at the hearing.
The contesting shareholders are hedge funds and were seeking a higher value return from the incoming buyers and arguing that the sale price of Inmarsat did not adequately reflect the value of a contract in place with Ligado Networks. They argued that the Ligado contract was worth an extra $300 million, and thus not reflected in the sale to the acquiring consortium.