Coms pulls back from Pinnacle bid
Internet telephony services provider Coms plc has pulled back from a takeover bid for telecoms firm Pinnacle after its initial offer was rejected.
London-based Coms announced earlier this week it was considering an offer for Pinnacle of about 21p per share.
The Stirlingshire firm described the Coms bid as "opportunistic" and would not recommend it to shareholders.
Coms responded by saying it had no current plans to make an offer for Pinnacle.
In a statement, Coms said: "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."
Pinnacle specialises in telecoms services for large events and worked on the Olympics, the Queen's Diamond Jubilee, T in the Park, the Pope's visit and the Chelsea Flower Show.
Its latest set of financial figures revealed a fall in sales and a loss for the six months to the end of March.
In its last set of results, Coms plc reported a 250% increase in sales and cut its pre-tax losses.