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Britain's Pace bids for Motorola's set top box business

British electronics firm Pace has confirmed reports that it has submitted a bid to Google to acquire Motorola's set-top box business.

Pace is said to be one of a number of bidders hoping to get their hands on the Motorola Home unit, which Google bought as part of its $12.5 billion (£7.7 billion) takeover of Motorola Mobility in May. Arris Group has also reportedly made a compelling bid, reports Reuters.

"[The company has] submitted an indicative, non-binding proposal to Google in respect of a potential acquisition of its Motorola Home business. Discussions with Google are currently at a preliminary stage and there is no certainty as to whether any agreement regarding any transaction will be reached," said Pace in a statement.

Following the announcement, shares in Pace, which produces telecoms equipment like TV decoders, were suspended. The company said that the significant size of the potential acquisition would be classified as a "reverse takeover," which warranted the suspension.

According to Bloomberg, Google is reportedly hoping to bring in $2 billion (£1.2 billion) from the sale of Motorola's Home unit.