LONDON (dpa-AFX) - Pace plc (PIC.L) noted Google's announcement that it has reached agreement to sell its Motorola Home business. Pace was unable to enter into a deal with Google on terms that the board believes would have been in the interests of Pace's shareholders. Therefore, the company 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.
Chief Executive of Pace, commented: '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.'
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