Eutelsat has dropped plans for a possible takeover bid for UK satellite company Inmarsat, less than 24 hours after first announcing its intentions.

Eutelsat said today it doesn't plan to make an offer for Inmarsat, less than one day after the company said it was evaluating a possible bid. France-based Eutelsat announced yesterday it is evaluating a possible offer for Inmarsat, which also emerged as a potential target for EchoStar of the US. Inmarsat said on June 8 that it had rejected a preliminary takeover proposal from EchoStar on the basis that it undervalued the company.

The French satellite company said it reserves the right to announce a firm or possible offer for its UK rival, as well as to participate in an offer for Inmarsat within six months. Eutelsat said it would do so with the consent of the Inmarsat board, if a third party discloses a firm intention to make an offer for the British company, if Inmarsat announces a reverse takeover, or if the U.K. Takeover Panel determines that there has been a material change of circumstances. Goldman Sachs International is acting exclusively for Eutelsat, it said.

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