MediaRing fails in bid for Pacific Internet

Singaporean IP telephony provider MediaRing has confirmed that it has failed in its bid to acquire local online services provider Pacific Internet (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. Meanwhile Vantage Corp, which is PacNet’s single largest shareholder with a 29% stake, said last week that its board had also decided to reject MediaRing’s revised offer.