Stock News: Pacofic Internet recosidered Mediaring's offer!

MediaRing Ltd may head higher after Pacific Internet Ltd said it is reconsidering the revised offer of the company, noting that the amended price of 9.50 usd per share is fair. MediaRing decided to raise its offer price for PacNet on June 22 after PacNet's board unanimously rejected its original 8.25 usd per share offer, saying it was "financially inadequate." PacNet's board of directors made two recommendations to its shareholders -- either to accept the offer if they take a short-term view (up to six months) of their investments in the company; or to reject it if they take a medium- to long-term view (one to five years) of their investments. PacNet's independent financial advisor KPMG Corporate Finance deemed that from a financial point of view, "the terms of the revised offer are fair." "The company agrees with KPMG's opinion that the offer price is fair," PacNet president and CEO Phey Teck Moh told a news briefing.
MediaRing closed down 0.010 sgd at 0.365 yesterday.