Performplace Drops Plan to Acquire Pen

Performplace has scrapped plans to acquire Pen Interconnect Inc., an Irvine provider of manufacturing services, Pen said Wednesday.

Performplace’s board expressed concern over lack of support for the deal by Pen shareholders, as well as a recent decline in Pen’s stock price, Pen said.

The shares, which have lost nearly 80% of their value this year, closed Wednesday at 5.3 cents, down 3.8 cents, in over-the-counter trading.

Performplace, based in Santa Monica and New York, provides management services for the entertainment industry.