Pace shares accelerate after acquisition announcement
THE share price of Saltaire company Pace spiked yesterday in the hours after announcing it was to be bought for £1.4bn.
Having closed on Wednesday night at 332p, shares rose to 447p at the end of Thursday’s trading – its highest price for more than a year.
The sale to US-based Arris Group valued Pace’s shares at 426.5p, based on Arris’s closing share price on April 21 of US$30.16, which is a premium of 27.6% on Pace’s previous closing price.
The combined business will turnover around £5.3bn and will employ over 8,500 people in more than 15 countries.
The merged business expects its greater size to enable it to meet its customers’ needs better while generating “compelling financial benefits”, from savings in back-office infrastructure and synergies in procurement, as well as the removal of Pace’s public company costs.
