Pace Micro Technology has confirmed the company is in advanced discussions over an acquisition that under stock market rules would be classified as a reverse takeover.
A statement from the Saltaire based company said the Pace board had requested its shares be immediately suspended from trading. A further announcement is due to be made shortly.
Last week Gartmore Investment Limited acquired 10% of the company’s shares from other investment groups including HSBC and Goldman Sachs. Legal and General has also increased its holding in the technology company.
Pace, which engineers the manufacture of set-top boxes for platforms including Sky Digital and Sky Italia, has in the past year finally achieved its goal of breaking into the US cable market.
