LONDON (Alliance News) - Coms PLC Tuesday said that it is considering a possible takeover offer for Pinnacle Technology Group PLC, after Pinnacle shares jumped higher from the start of trade.
In a statement, Coms said it currently expects to offer about 21 pence a share for Pinnacle, valuing the company at about GBP6.4 million.
The shares were up 30% at 23 pence Tuesday afternoon, after rising sharply throughout the day.
Coms, which provides cloud-based telephony services, was trading down 7.8% at 3.85 pence Tuesday afternoon.
It said it would release a further announcement about its potential takeover of the telecommunications and information technology business when appropriate.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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