Billionaire Howard Marks’ Oaktree Capital Management has hit out against the $3.4bn takeover of Inmarsat, arguing that it “significantly” undervalues the British satellite company, just days before it was due to be delisted from the London stock market.

The Los-Angeles based asset manager, which holds a 2.85% stake in Inmarsat, believes the satellite operator could be worth at least $300m more if US regulators give the go-ahead to Virginia-based Ligado Networks to build a 5G service.