Singapore Vantage ups PacNet stake to about 29%

6 Mar 2006

Singapore Vantage has acquired a further 0.4% stake in Nasdaq-listed ISP Pacific Internet (PacNet), lifting its interest to about 29%, as it battles for control of the company with MediaRing. Vantage paid USD375,735 for 50,000 PacNet shares on the open market to bolster its recently-acquired 28.6% stake. The company says it might buy up to a 51% stake in PacNet, over a period of two to three months, and has declined MediaRing’s conditional offer of USD8.25 a share for the ISP, launched last Monday; it already holds 4.86% in the firm. MediaRing’s takeover bid for PacNet is conditional on approval of Singapore’s regulator, and on it securing a minimum 50% plus one share stake. Its offer values PacNet at USD110.6 million. The two rival firms see PacNet as a means to capitalise on the growth of internet-based services such as IP telephony in the region. PacNet has operations in several countries including China, India, Malaysia and Singapore.