LONDON (Alliance News) - Coms PLC Thursday said it won't make a bid for Pinnacle Technology Group PLC after Pinnacle's board rejected its GBP6.4 million approach, saying it was opportunistic and undervalued the company's growth prospects.
"The board considers that the proposal reflects fair value for Pinnacle shareholders and, as such, without a recommendation from the board of Pinnacle, the board confirms that it has no current intention to make an offer for Pinnacle," Coms said in a statement.
Pinnacle, which provides telephony, web and IT security services, Thursday rebuffed Coms' 21 pence a share approach.
Pinnacle's shares were quoted Thursday at 21.30 pence per share, down 0.20 pence, or 0.93%. Coms, which provides cloud-based telephony services, was quoted at 3.6 pence, down 0.23 pence, or 5.9%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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