PacNet board accepts MediaRing’s revised offer, but doesn’t really . . .

4 Jul 2006

The board of Pacific Internet (PacNet) has advised its shareholders to accept MediaRing’s revised offer for their shares, but only if they are solely interested in making a short-term gain from the company. In a statement, PacNet’s board said stakeholders should ‘accept the revised offer…if they presently take a short-term view of their investments in PacNet shares,’ and to ‘reject the revised offer if they presently take a medium to long-term view of their investments in PacNet shares’. MediaRing increased its initial offer of USD8.25 per share to USD9.50, and said the revised price is final, giving PacNet shareholders until 10 July to make up their minds.

PacNet hopes shareholders will take the long-term view. It believes its strategic business plan to transform itself into an IP-based communications and solutions provider between now and 2011 is in line with market opportunities and industry trends and ‘capitalises on PacNet’s unique position as the largest telco-independent internet communications service provider by geographic reach in the Asia-Pacific, and if successful, may create significant additional value for PacNet and its shareholders.’

Singapore