Inmarsat takeover to clear final hurdle as hedge funds drop challenge

LONDON (Reuters) - A private equity consortium's $3.4 billion (2.65 billion pounds) takeover of British satellite company Inmarsat looked likely to go ahead after a group of hedge funds dropped plans to challenge the sale at a hearing on Tuesday.Their decision came after the buyers - British-based Apax Partners, U.S.-based Warburg Pincus and the Canada Pension Plan Investment Board (CPPIB) - said on Monday they would not increase or extend their offer.Hedge funds Oaktree, Kite Lake and Rubric..