Solution 6 pulls back from Pegasus

Solution 6 pulls back from Pegasus

Acquisition-hungry Solution 6 has been beaten to the punch in its bid for UK-based Pegasus Group.

Solution 6's $US75 million bid was surpassed by's $123.65 million bid for the company.

Pegasus' board voted to accept the Freecom offer yesterday.

"The board considers the offer to be fair and reasonable," said Pegasus chairman Phillip Sellers in a letter to shareholders.

Solution 6 had hoped to use accounting specialist Pegasus as a stepping stone into the European market.

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