Mediaring failed to take over P

MediaRing Ltd may extend losses after its failed bid to take over Pacific Internet Ltd (PacNet), dealers said. At the close of MediaRing's offer period yesterday, acceptances from PacNet shareholders represented only 33.8 pct of the issued shares in the company. MediaRing had made the condition that its offer for PacNet would proceed only if it got more than 50 pct of PacNet by the end of the offer period. On June 22, MediaRaing raised its offer price to 9.50 usd for each PacNet share that it did not already own after PacNet's board rejected its original offer of 8.25 usd. MediaRing said it will look at other merger and acquisition opportunities to expand its business. MediaRing closed down 0.03 sgd at 0.365 yesterday.