DigitalGlobe rejects takeover offer from rival GeoEye

Satellite imaging services provider DigitalGlobe May 6 rejected a $792 million takeover offer from rival GeoEye maintaining that the hostile bid substantially undervalued the company, reports Reuters.

GeoEye announced the takeover offer May 4, a strategy it adopted after merger talks between the two companies broke down, the story said.

The two companies have offered conflicting accounts of merger discussions that DigitalGlobe says have been ongoing since February, according to the story.

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