| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers I > Headlines for iBasis, Inc. > News item |
KPN extends its unsolicited tender offer for iBasis due to lawsuit
By Lisa Kerner
Charlotte, N.C., Oct. 20 - Royal KPN BV extended its $2.25-per-share cash tender offer for the outstanding shares of iBasis, Inc. to midnight ET on Nov. 20 from Oct. 23.
As of Monday, approximately 39,399 iBasis shares had been tendered and not withdrawn, according to a KPN news release.
KPN said it extended the offer so that the company can pursue its counterclaims against iBasis in the Delaware Court of Chancery.
The court will hear claims brought forth by both companies on Oct. 28 and Oct. 29.
KPN said it believes that iBasis' poison pill violates iBasis' bylaws and the terms of the agreement under which KPN acquired its interest in the company.
iBasis responds
"We believe that iBasis minority stockholders are sending a clear message to KPN - that its revised $2.25 per share unsolicited offer continues to undervalue iBasis' current performance and long-term prospects," W. Frank King, chairman of the special committee of iBasis' board of directors, said in a company news release.
As previously reported, minority shareholders Lloyd I. Miller III, Millennium Management LLC and the trustee of the Singer Children's Management Trust have all informed iBasis of their intention to reject KPN's offer.
Together, the shareholders own approximately 11.2% of iBasis' outstanding common stock, or approximately 25.6% of iBasis' common stock not owed by KPN, the iBasis release said.
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.