Stock News: Pacific Internet rejected Mediaring takeover offer!

Pacific Internet Ltd (PacNet) has rejected the takeover bid of MediaRing Ltd, saying the offer by the Singapore-based provider of voice over Internet telephone service in Asia, was "financially inadequate." PacNet made the decision in response to MediaRing's announcement Tuesday to extend its tender offer for PacNet to June 26. MediaRing was planning to buy the rest of PacNet shares that it does not own for 8.25 usd per share. MediaRing held about 11.8 pct of PacNet as of June 12. "The board of directors confirms that it stands by its previous unanimous recommendation to the shareholders to reject the offer as it found the offer financially inadequate," PacNet said in a statement.