MediaRing ups PacNet offer by 15.2%

23 Jun 2006

Singapore voice-over-internet protocol (VoIP) service provider MediaRing has increased its cash offer for rival telco Pacific Internet (PacNet) by 15.2% to USD9.50 a share, adding that the price is final and will not be increased again or revised.

Earlier this month, MediaRing extended its cash offer for PacNet until midnight, 26 June, although it was rejected by the PacNet board. PacNet declined the offer on 1 June, opting instead to continue as an independent entity while it weighs up other possible merger plans. The decision was made under advice from finance house BNP Paribas Peregrine, which recommended that PacNet either continue as it is and forge ahead with plans to transform itself into an IP-based communications provider, or pursue a merger with suitable partners.