iBasis asks shareholders not to act on KPN's revised unsolicited offer

By Lisa Kerner

Charlotte, N.C., Oct. 5 - The special committee of iBasis, Inc.'s board of directors urged the company's shareholders not to take any action regarding Royal KPN NV's revised offer for iBasis until the committee makes its recommendations.

KPN announced a revised unsolicited tender offer to acquire all of the outstanding shares of iBasis common stock it does not own for $2.25 per share in cash, an iBasis news release said. The expiration date remains Oct. 23.

As previously reported, iBasis shareholders had tendered about 75,775 shares, or less than 0.25% of the company's stock, in KPN's $1.55-per-share tender offer as of Aug. 21.

iBasis' special committee had recommended that shareholders reject that offer.

KPN is fighting iBasis' poison pill in court. The Delaware Court of Chancery is expected to hold a hearing on the matter on Thursday and Friday, according to a KPN news release.

iBasis also filed a complaint in the U.S. District Court for the Southern District of New York against KPN alleging KPN violated federal securities laws in its tender offer for iBasis.

KPN is a telecommunications company based in Amsterdam.

iBasis is a voice carrier and wholesale provider of voice, mobile data and prepaid calling products and services. It is based in Burlington, Mass.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.