Pace confirms Home talks
Tuesday 11 December 2012
Shares in the TV set-top box maker Pace were suspended yesterday as it confirmed it is in talks to buy Google's Motorola Home business, which could lead to a reverse takeover.
Pace, which has a stock market value of almost £600m, has submitted a bid, but there is thought to be at least one other rival, United States-based Arris Group.
Motorola Home, which designs, manufactures and instals set-top boxes, could be worth up to £1bn. Under City rules, Pace would end up "reversing" into the business because of their relative sizes.
Google bought Motorola for $12.5bn (£7.8bn) last year.
Pace shares fell 3.4 per cent to 185.3p, before their suspension.
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