Connect Holdings completes offering for PacNet, looks to put three on board

By Lisa Kerner

Charlotte, N.C., July 13 - Connect Holdings Ltd. closed its subsequent $11 per-share voluntary cash conditional offer period for Pacific Internet Ltd. as planned on July 12.

A total of 8,004,923 shares, or about 57.82% of the issued shares of PacNet, were validly tendered and not withdrawn, according to a schedule 13D filing with the Securities and Exchange Commission.

Connect also successfully closed its offer to all PacNet optionholders. As of July 12, acceptances have been received in respect of options exercisable for 189,380 shares, the filing stated.

As previously reported, Connect had raised its cash offer on June 6 to $11 per share from $10 per share.

The company said it plans to acquire additional PacNet shares through the open market or privately negotiated transactions, subject to all applicable laws and regulations.

As PacNet's largest shareholder, Connect proposed William Barney, Brett Lay and Grace Guange as nominees for election to the company's board.

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

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