Pace confirms proposal to Google for potential purchase of Motorola Home unit

theflyonthewall.com

The Board of Pace plc noted press speculation in relation to a potential transaction involving Google’s (GOOG) Motorola Home business and confirmed that it has submitted an indicative, non-binding, proposal to Google in respect of a potential acquisition of its Motorola Home business. Pace said discussions with Google "are currently at a preliminary stage and there is no certainty as to whether any agreement regarding any transaction will be reached." Pace also confirmed that the potential acquisition of Google’s Motorola Home business would be classified as a “reverse takeover” under U.K. Listing Rules given its size relative to Pace. As a result, the ordinary shares of Pace have been suspended from trading in London, the company said. Pace said its shares will re-commence trading either on sufficient information on any potential transaction being provided publicly to shareholders or on the release of an announcement confirming that Pace is no longer in discussions with Google regarding the potential acquisition of the Motorola Home business.

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