UK's Inmarsat rejects takeover approach from US rival EchoStar

Satellite company sees its price rise 13% and says US firm 'significantly undervalues' it

Inmarsat, Britain's leading satellite company, has rejected a bid approach from a US rival, in what could signal the start of a fresh foreign takeover saga.

Responding to a 13.5% rise in its share price on Friday, Inmarsat admitted it had received an offer from Colorado-based EchoStar that it said "very significantly undervalued" the company and its prospects.