Pace drops 6% on Moto miss
Set-top box maker Pace has seen its shares fall 6 per cent after they returned from suspension following the company’s bid for Motorola’s set-top box business put on the block by Google. Arris won the prize for $2.35 billion.
Pace said it was unable to agree acceptable terms with Google: “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. Although we had the support of our major shareholders and committed facilities, we could not reach an appropriate conclusion to the potential transaction,” said chief executive Mike Pulli.
The company said it remained confident about the outcome for 2012 and planned to issue a trading update on 10 January. Its shares have dropped 10.1p to 175.2p.