Connect increases bid for Pacific Internet by $1 per share; offer extended to June 22

By Lisa Kerner

Charlotte, N.C., June 6 - Connect Holdings Ltd. upped its voluntary conditional cash offer for Pacific Internet Ltd. to $11 cash per share, from $10 cash per share. This is the company's final offer.

"This 10.00% premium over the reported closing price of $10.00 on June 5 also represents our commitment to PacNet in moving forward this deal," Connect director Bill Barney said in a company news release.

Along with the increased offer price, Connect extended its offer to 1 a.m. ET on June 22 from midnight ET on June 7.

Singapore-based PacNet is a telco-independent internet communications service provider in the Asia Pacific region.

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