PacNet mulls Connect offer

21 May 2007

Singapore-based telecoms provider Pacific Internet (PacNet) says it has received a takeover offer from Connect Holdings offering USD10 per share, valuing the company at around USD138 million. PacNet considers the offer a fair one, but not exceptional and is recommending its shareholders either accept the offer or reject it if they believe in the long-term potential of the company to grow on its own. PacNet is aiming for annual revenues of USD330 million by 2010, or three times the USD110 million posted in 2005. The company has become embroiled in a takeover war between MediaRing and Vantage Corp, and although the latter had backed out, it has thrown its weight behind Connect Holdings’ bid. Connect’s offer closes on 7 June.

Singapore, Pacnet Singapore (including OSINet)