The FTSE 250 crawled back into positive territory on Monday afternoon after the UK mid-cap lost momentum from its early spike.
The merger between Pace and US peer Arris Group has been delayed due to outstanding antitrust clearance processes in Brazil, Colombia and the United States.
UK stocks declined on Friday as the Federal Reserve decided to hold interest rates steady amid low inflation and global pressures.
UK stocks opened in negative territory on Friday as the market continued to process the Federal Reserve's decision to keep interest rates unchanged.
Pace said its recommended combination with Arris Group continues to progress in line with expectations, as it announced that revenue for 2015 is likely to be a lower than previously guided.
Overnight, the US central bank kept rates as many observers - but by no means all - had been expecting but left the door open to an interest rate hike come October, leaving almost everyone in equity markets dissatisfied.
PayTV and broadband products developer Pace said its performance in the first half of 2015 was in line with expectations.
Pace's chief executive sold £1.13m worth in shares on Tuesday, one week after the group reported it had agreed to a £1.4bn takeover by Arris.
Acacia Mining was trading higher as Credit Suisse initiated the stock with an 'outperform' rating, despite the gold miner reporting an 18% fall in its first-quarter core profit due to declining prices for the yellow metal.
Deutsche Bank has named Lloyds as its "top pick" in the UK banking sector ahead of the first-quarter reporting season, saying that operating conditions across the sector have been good over the start of 2015.
UK stocks finished higher after a choppy session on Thursday, with investors having to digest a raft of corporate earnings, mixed economic data and developments in Greece.
Pace, the UK cable television set-top box maker, surged after agreeing to be taken over by US telecommunications equipment manufacturer Arris in a $2.1bn deal. Pace management have agreed that Arris will pay Pace shareholders 426.5p in cash and stock, a 28% premium to the closing price on Wednesday.
London's stocks had erased losses by Thursday lunchtime though upside was limited as investors showed caution following a raft of mostly disappointing global economic data.
UK stocks inched lower on Thursday morning after purchasing managers' index (PMI) data from both China and Europe disappointed.
Pace, the UK cable television set-top box maker, has agreed to be taken over by US telecommunications equipment manufacturer Arris in a $2.1bn deal and said profits in the first quarter were up on the prior year.
Set-top box maker Pace has agreed to a £1.4bn takeover by sector peer Arris, reports The Times. The company will hold its annual general meeting on Thursday, at which it will present the recommended deal to shareholders.
Outsourcing services group Mitie fell after warning that it expects full-year profits to be pushed slightly lower than forecast by margin pressures in the homecare and social housing businesses.
Afren came top of the fallers as the company revealed it was in rescue deal discussions with bondholders and other lenders after last week's announcement that talks for a combination with Seplat Petroleum had been terminated.
Forecast-busting results from US smartphone and tablet giant Apple gave London-listed tech shares a boost on Wednesday, especially those of supplier ARM Holdings.
Television set-top box (STB) specialist Pace said full-year revenues would beat its previous targets after a record fourth quarter, however analysts were concerned its markets were tipping into structural decline.