Set top box maker Pace has seen its shares drop nearly 6% after they returned from suspension.
Trading was halted last Monday after the company confirmed it had submitted an offer to buy Motorola's set top box business from owner Google. But it lost out to a rival bid Arris Group, a cable equipment business which is paying $2.35bn for the business. Pace said it was unable to agree acceptable terms with Google and chief executive Mike Pulli said:
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.
The company said it was 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.
