Pace Micro Technology has issued a revised prospectus outlining its purchase of the Set Top Box Division and Connectivity Solutions Business of Royal Philips Electronics.
It follows a reduction of the amount being paid by Pace for the Philips business of €7 million after trading terms were changed with a number of key customers subsequent to the original announcement on December 19 last year.
Pace will now pay €88 million for the company in which Philips will hold 21.6% of the enlarged share capital subject to a one year lock-in from the date of completion. Up to 64,481,049 new shares will be issued to Philips, dependent on the outcome of negotiations with an unnamed customer of the French outpost.
Shares in Pace will recommence trading tomorrow (April 1) and the deal is subject to shareholder approval at a general meeting scheduled for April 16.