TV decoder maker Pace, which was suspended from trading last week pending the potential 'reverse takeover' of Google's Motorola Home business, has said that it was unable to reach an agreement with the US search engine giant.
"Accordingly, Pace has contacted the Financial Services Authority to request that the suspension of its securities from the Official List is lifted without delay. Pace expects the suspension to be lifted shortly," the firm said.
Pace said on December 10th that discussions with Google were at a preliminary stage but, seeing as though the potential purchase would be regarded as a "reverse takeover" under the UK Listing Rules given its size relative to Pace, the shares were suspended.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
"We viewed the potential acquisition of Google's Motorola Home business as an opportunity to accelerate our stated strategy, but only if real shareholder value could be delivered," said Pace's Chief Executive Officer Mike Pulli.
"Although we had the support of our major shareholders and committed facilities, we could not reach an appropriate conclusion to the potential transaction."
Five things not to put in a will
There are many things to consider when writing a will. But what about things NOT to put in a will? We spoke to legal experts who told us about what you should leave out of a will.
By Nicole García Mérida Published
Autumn Statement: Households still face an extra £4,000 tax bill despite NI cuts
News Autumn Statement tax give-aways will be offset by fiscal drag, the Resolution Foundation warns
By Marc Shoffman Published