gd news for mr, connect is vc, they will definitely sell @ right price. let see kbh in action soon again.

Singapore
January 12, 2007, 8.07 pm (Singapore time)

Asia Netcom parent to make bid for PacNet: source

TAIPEI - Connect Holdings, the parent of Asian telecoms network operator Asia Netcom, is preparing to make an offer for Singapore's Pacific Internet Ltd, a source close to the situation said on Friday.


Connect Holdings will offer between US$10 and US$10.30 per share for Nasdaq-listed PacNet, valuing the firm at more than US$120 million, said the source.

Shares in Pacific Net, an online services provider, closed at US$9.11 on Thursday in New York trading.

The offer would follow a recent failed takeover attempt of PacNet by Singapore-based Internet phone company MediaRing Ltd, whose US$127-million bid for PacNet failed last year.

MediaRing launched its unsolicited bid for PacNet in February with an offer of US$8.25 a share. It later raised that to US$9.50.

But the bid ultimately failed after MediaRing received only 33.8 per cent of acceptances from PacNet shareholders. It had needed more than 50 per cent to be successful but PacNet's largest stakeholder, Vantage Corp with a 29 per cent stake, decided to reject the offer.

This time Vantage has chosen to accept the bid from Connect Holdings, said the source. -- REUTERS