Connect set to acquire MediaRing’s 29.3% PacNet stake

8 Jun 2007

The long-running saga of the ownership of Nasdaq-listed internet services provider Pacific Internet (PacNet) has moved towards an endgame with the announcement that its second largest shareholder, Singapore-listed MediaRing, has agreed to sell its 29.3% stake in PacNet to Connect Holdings. According to Channel NewsAsia, the deal comes after Connect improved its cash offer from USD10 per share to USD11, valuing PacNet at USD152 million and giving Connect control of the company with a more than 50% shareholding. Previously, MediaRing had looked set to lock horns with Connect and Vantage Corp in a complex battle for control of PacNet. MediaRing upped its stake in the ISP to 29.3%, after failing to buy out the company last year, in a move which effectively knocked Vantage Corp out of the game. However, Vantage has since lined up behind Connect forcing MediaRing to think again.

Singapore, Pacific Internet (PacNet) Australia, Pacnet