Arbinet-thexchange amends stock ownership agreement with Singer

By Lisa Kerner

Charlotte, N.C., Dec. 22 - Arbinet-thexchange, Inc. and investor Karen Singer's affiliate, the Singer Children's Management Trust, entered into an amended and restated stock ownership agreement on Friday.

A committee of disinterested members of Arbinet-thexchange's board of directors approved the trust's purchase of up to 5,141,608 shares (the share limit) of the company's outstanding voting stock as part of the agreement, according to a schedule 13D filed with the Securities and Exchange Commission.

The agreement also prohibits the Singer entities and their affiliates from engaging in any business combination with Arbinet-thexchange for three years from the date the Singer Entities exceed the share limit.

Karen Singer beneficially owns 4,241,608 shares, or 18.8%, of the New Brunswick, N.J., electronic market operator company.

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