Intelsat to withdraw planned IPO of shares

BERMUDA: Intelsat has announced that it has withdrawn its plan to launch an initial public offering. The communication company also declared its intention to explore strategic alternatives.

The company reportedly came up with the decision after they signed on an amendment to the Orbit Act on 18 May 2004. The act changes the date by which Intelsats IPO must be conducted from 30 June 2004 to as late as 31 December 2005.

Earlier yesterday, Intelsat filed a Form RW with the securities and exchange commission to withdraw its registration statement, says a company release.

According to Intelsat CEO Conny Kullman, "The current mix of market and regulatory developments makes it clear that withdrawal of the IPO is in the best interest of our company. 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. In the meantime, we will continue to engage with the Federal Communications Commission with regard to the regulatory treatment of certain direct-to-home services in North America."

Intelsat has announced that it has engaged Morgan Stanley and Merrill Lynch to explore the potential of another partys investment in or acquisition of the company, although there can be no assurance that any transaction would be pursued or consummated, adds the release. 

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