MediaRing confirms PacNet offer

Having received the necessary go-ahead from both its shareholders and the Singaporean telecoms regulator the IDA, MediaRing has announced it will go forward with its conditional cash general offer to acquire all the issued shares of Nasdaq-listed internet access provider Pacific Internet (PacNet). The company said its offer would start in 14 to 21 days time, in accordance with Singapore law. MediaRing will pay USD8.25 per share for all issued ordinary shares, representing a 27.7% premium over the stock’s closing share price on 24 February 2006 – the last trading day on the Nasdaq before MediaRing made its intentions known.