18 Sep 2006
Pacific Internet Limited (PacNet), one of the largest telco-independent internet communications service providers by geographic reach in the Asia Pacific region, says it has received a notice of requisition from MediaRing, a company which has been stalking the firm for most of 2006. The PacNet board also confirmed it has now received requisition notices from both Vantage Corp and MediaRing, and will give due consideration to both requests for the convening of an EGM.
In July this year, MediaRing, a Singaporean IP telephony provider, confirmed that it had failed in its bid to acquire PacNet. At the close of the offer yesterday, MediaRing had secured 33.8% of acceptances from PacNet shareholders, well short of the 50% figure needed. MediaRing launched an unsolicited bid for PacNet in February and raised its offer from USD8.25 per share to USD9.50 after its initial bid was rejected. The PacNet board had advised investors with a short-term view to accept MediaRing’s offer, but said longer-term shareholders should reject the bid. At the time, Vantage Corp, which is PacNet’s single largest shareholder with a 29% stake, said that its board had also decided to reject MediaRing’s revised offer. A month later, however, MediaRing said it had re-opened talks with PacNet and believed the pair could work together in the future.