Stock News: Vantage Corp rejected Mediaring's revised offer!

Vantage Corp, which owns 29 pct of Nasdaq-listed Pacific Internet (PacNet), says it has rejected the revised offer by Internet telephony service provider MediaRing for all the shares in PacNet that it does not already own. MediaRing raised its offer price to 9.50 usd per share from 8.25 usd after the original offer was deemed "financially inadequate" by PacNet's board. A Vantage Corp statement says: "The board is of the view that the intrinsic value of each share in PacNet is more than the revised offer." Vantage Corp said it would continue to look into alternatives to enhance shareholder value and improve the value of its investment in PacNet. MediaRing's offer will close on Monday.