Singapore MediaRing offers to buy rest of Pacific Internet for 8.25 usd/share

SINGAPORE (AFX) - MediaRing Ltd said it has made an offer to buy the rest of Nasdaq-listed Singapore-based Internet service provider Pacific Internet for 8.25 usd per share, which represents a 27.7 pct premium to Pacific Internet's closing price on Friday.

MediaRing said it currently holds 651,572 shares of Pacific Internet, equivalent to a 4.86 pct stake.

'The synergistic and complementary businesses and geographical presence of MediaRing and Pacific Internet are expected to provide ample opportunities for cross-marketing and bundling of services, brand leveraging and cost rationalization through economies of scale,' MediaRing said.

(1 usd = 1.62 sgd)

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