MediaRing extends offer for Pacific Internet

Stuart Corner
Tuesday, 13 June 2006 20:57

IT Industry - Deals

Asian VoIP service provider, MediaRing, has extended to midnight on June 26 its cash offer to acquire all the issued shares of Singapore-based, Nasdaq-listed Pacific Internet Limited. The offer was due to close  on June 12.
The offer, which has been rejected by the Pacific Internet board,  remains at $US8.25 net in cash per share, representing an approximate 27.7 percent premium over the closing price of PacNet shares in late February before the offer was made.

According to MediaRing executive director,  Koh Boon Hwee, "The market price of PacNet shares has been drifting downwards and closed at $US7.75 on June 12, lower than our offer price'.