Pace Micro Technology in ’reverse takeover’ acquisition discussions, suspends share trading

Source: Technology Digital

Date :20/12/2007 13:36:53

Leading digital TV technology company Pace Micro Technology Plc (“Pace”), in discussions for ‘reverse takeover’ acquisition.

Pace Micro Technology today announces that it is in discussions regarding an acquisition that would be classified as a 'reverse takeover' under the Listing Rules by virtue of its size," it said in a very brief statement.

Royal Philips

Pace also announced yesterday that it has entered into a conditional agreement to acquire the set-top box and connectivity solutions business of Royal Philips Electronics.

The Philips STB and CS Business - based in France - is a leading designer and supplier of a range of digital TV products including satellite, cable, terrestrial and IPTV set-top box products.

The proposed transaction values the business at up to €95.0 million (£68.0 million).

December 20, 2007

(pictured -Neil Gaydon, Chief Executive Officer)