Intelsat Withdraws Planned IPO
Intelsat Ltd. officials today said the company has withdrawn its planned initial public offering (IPO). The decision follows the singing into law on May 18 an amendment to the ORBIT Act that changes the date by which Intelsat’s IPO must be conducted from June 30, 2004 to as late as Dec. 31, 2005.
“The current mix of market and regulatory developments makes it clear that withdrawal of the IPO is in the best interest of our company,” Intelsat CEO Conny Kullman said in a prepared statement. “In light of the extension of the ORBIT Act deadline and the interest we received regarding a possible investment in or acquisition of our company in connection with our previous process, we now intend to resume the exploration of this possibility.”
Intelsat added that it has engaged Morgan Stanley and Merrill Lynch to explore the potential of another party’s investment or acquisition of the company, though it said there can be no assurances that any transaction would be pursued or consummated.