LONDON (ShareCast) - Pinnacle Technology has knocked back what it described as an “opportunistic” indicative offer from rival AIM-listed firm Coms.

It comes two days after London-based Coms confirmed it was considering making a bid for Pinnacle in the region of 21p a share, which would value the Scottish telecoms group at £6.5m.

Pinnacle said it had since received a non-binding indicative offer on the expected terms as described in the Coms announcement.

It said it believed the bid was opportunistic and significantly undervalued the growth prospects of the company.

It added: “As such the board of Pinnacle is not recommending the offer to its shareholders.”

Shares in Pinnacle were up 2.33% at 22p while those in Coms were down 7.2% at 3.55p at 12:39 on Thursday.

TB

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