KPN and iBasis (IBAS) Reach Agreement on Tender Offer
November 23, 2009 7:06 AM
KPN B.V.and iBasis, Inc. (NASDAQ: IBAS) announced that they have entered into a settlement agreement under which KPN will make a last and final increase of its offer for the outstanding shares in iBasis not otherwise held by KPN to $3.00 per share in cash. The Special Committee of iBasis’s Board of Directors has unanimously approved the agreement and recommends that iBasis stockholders tender their shares in KPN’s tender offer.The last and final offer price of $3.00 per share represents a premium of 130.8% over the $1.30 closing price of iBasis shares on July 10, 2009
KPN is the leading telecommunications and ICT service provider in The Netherlands.
Founded in 1996, iBasis (IBAS) is a leading wholesale carrier of international long distance telephone calls and a provider of retail prepaid calling services and enhanced services for mobile operators.
