British satellite communications firm Inmarsat has recommended shareholders accept a $3.4 billion (£2.6bn) takeover offer from a consortium.

The group, which includes Canadian pension funds and private equity firms Apax and Warburg Pincus, values Inmarsat at $7.21 a share.

Inmarsat rejected a takeover from US rival EchoStar last year, claiming the offer undervalued the business.

However, it believes the current deal is “fair and reasonable”, leading to the board of director’s recommendation that shareholders accept the offer.

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To sweeten the deal, the group has promised to keep Inmarsat’s headquarters in the UK – it is currently based at London’s Old Street – and to maintain the current level of R spending.

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