@jclarkjourno @henrygrobertson THE PRIVATE equity consortium seeking to buy British satellite company Inmarsat has refused to up its bid or extend its expiration date ahead of a High Court hearing today, despite a legal challenge that could see the deal collapse.

Connect Bidco, a consortium involving Apax Partners, Warburg Pincus, Canada Pension Plan and Ontario Teachers' Pension Plan, yesterday made its offer final and refused to extend the expiration date beyond 10 December.

The takeover plan is due to go in front of the High Court today, where a group of hedge funds led by Oaktree Capital is preparing to block its approval.

The funds built up stakes in Inmarsat after it accepted a $6bn (£4.2bn) offer to be bought by the Bidco consortium in May. They argue the price tag is too low as Inmarsat is set to receive an income boost from a US project that may be approved this month.

Oaktree, along with hedge funds Kite Lake and Rubric, say a venture called Ligado could push up the value of Inmarsat.

In a statement yesterday Bidco said: "The cash value being offered by Bidco represents a substantial premium to the pre-offer share price of Inmarsat."

(c) 2019 City A.M., source Newspaper