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Sunday, 19 March 2006 12:37

BNP Paribas to advise Pacific Internet

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Singapore based regional ISP, Pacific Internet has appointed BNP Paribas Peregrine (Singapore) to explore options in the face of a takeover bid from VoIP service provider, MediaRing.

The Nasdaq-listed company, parent of Australian ISP Pacific Internet, said that options could include seeking suitable strategic or merger partners, facilitating or soliciting alternative offers, as well as considering any proposals put forth by potential interested parties.

The company expects to make further announcements after evaluating the recommendations of BNP Paribas, by 31 May 2006.

MediaRing, which then owned 4.86 percent of PI, announced on 27 February that it intended to make a $US8.25 per share cash offer for the remainder of the company. MediaRing's formal offer requires approval of the Infocomm development Authority of Singapore as well as shareholder approval. It expects to make a formal offer by 31 May.

MediaRing provides both retail and inter-carrier VoIP services. It has its headquarters in Singapore and offices in San Jose Beijing, Shanghai, Hong Kong, Taipei, Tokyo and Malaysia. It claims that its extensive partnerships with carriers around the world allow call terminations in more than 240 countries worldwide. More than 95 percent of its revenues come from outside Singapore.
In its results for the half year to 31 December2005 MediaRing posted MediaRing, a net profit of S$U5.2m, up from $US0.4 million in the previous corresponding period; revenue almost doubled to $US95.2 million; Call traffic volume was up by 51 percent to 1,003 million minutes.


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