Pinnacle Technology Rebuffs Coms PLC Takeover Bid

LONDON (Alliance News) - Pinnacle Technology Group PLC said it won't recommend Coms PLC's takeover bid to shareholders, describing it as opportunistic and significantly undervaluing Pinnacle's growth prospects.

Pinnacle, which provides telephony, web and IT security services, rebuffed Coms' offer following a September 3 statement from Coms in which it said it expected to offer 21 pence per share for Pinnacle's entire share capital, valuing the company at GBP6.4 million.

Pinnacle's shares were quoted Thursday at 21.30 pence per share, down 0.20. Coms, which provides cloud-based telephony services, was quoted at 3.51 pence per share, down 0.32 pence, or 8.2%.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

Copyright 2013 Alliance News Limited. All Rights Reserved.