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A group of Inmarsat Plc shareholders dropped their opposition to a $3.4 billion takeover of the satellite operator, paving the way for a private equity buyout the London-based company.

The shareholders, including Oaktree Capital Management, Kite Lake Capital Management and Rubric Capital Management LP had complained they were being short-changed as the takeover price failed to reflect the full value of Inmarsat’s spectrum assets.

Hours before a London court was due to hear the case on Tuesday, Inmarsat said in a statement that the shareholders “no longer intend to raise objections” at the court hearing.

The buyout consortium, which includes Apax Partners and Warburg Pincus, said Monday it wouldn’t increase its cash offer from March, which represented a “substantial premium” to the share price before the bid.

The three contesting shareholders, in a separate statement, pointed to the buyers’ commitment to not raise the offer, in explaining their decision to drop the opposition. They said their intention was not to prevent the buyout from being sanctioned by the court, but rather to create an opportunity for Inmarsat and the bidders to revise the offer.

The shareholder complaints focused on deferred payments to lease airwaves from Inmarsat by U.S. firm Ligado Networks LLC, which they say could add significantly to the company’s value.

--With assistance from Nishant Kumar.

To contact the reporter on this story: Thomas Seal in London at tseal@bloomberg.net

To contact the editors responsible for this story: Rebecca Penty at rpenty@bloomberg.net;Thomas Pfeiffer at tpfeiffer3@bloomberg.net

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