Google's price tag sees Pace step away from Motorola deal
Thursday 20 December 2012
The TV set-top box maker Pace lost out in a bid battle to massively expand its US business yesterday as it baulked at the price demanded by internet giant Google for its Motorola Home division.
The fate of Motorola's set-top box arm has been in doubt ever since Google paid $12.5bn (£7.7bn) for the US mobile-phone maker earlier this year – its biggest acquisition to date.
Pace already derives around two-thirds of its revenues from the US, but was weighing a $2bn bid for a business which would have significantly expanded its footprint in the country. But Google eventually sold the company to US media-technology firm Arris in a $2.35bn cash and shares deal.
Because of the size of the proposed acquisition – which would have been classed as a reverse takeover – Pace's shares have been suspended since last week. Sources said that management were unwilling to over-pay for the business.
Mike Pulli, its chief executive, said: "We viewed the potential acquisition 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."
- 2 Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
- 3 Sofyen Belamouadden murder: The inside story of a crime that horrified Britain
- 4 Company breaks open Apple Watch to discover what it says is 'planned obsolescence'
- 5 Ian Brady: Moors murderer announces his support for Ukip and the SNP
Migrant crisis: Greek soldier saved 20 people singlehandedly off Rhodes beach
Russian hack of President Obama's emails worse than previously admitted
Ian Brady: Moors murderer announces his support for Ukip and the SNP
UK weather: Britain braced for snow to replace sun as arctic air mass moves in
Nepal earthquake: US Pastor Tony Miano sparks outcry by suggesting Nepalis should convert and not rebuild their 'pagan shrines'
General Election 2015: Chuka Umunna on the benefits of immigration, humility – and his leader Ed Miliband
The sickening truth about food banks that the Tories don't want you to know
Migrant boat disaster: Ukip candidate mocks victims in sickening Twitter post
Nigel Farage wants the BBC to stop making programmes like Doctor Who, Strictly Come Dancing, and Top Gear
Global warming: Scientists say temperatures could rise by 6C by 2100 and call for action ahead of UN meeting in Paris
General Election 2015: Britain would become a 'communist dictatorship' under Ed Miliband and Nicola Sturgeon, claims wife of Michael Gove
iJobs Money & Business
£24000 - £26000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50000 - £55000 per annum: Ashdown Group: Business Analyst - Financial Service...
£18000 - £23000 per annum + OTE £45K: SThree: At SThree, we like to be differe...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is the o...