Neutral Tandem Declares Special Dividend of $1.25/Share
Neutral Tandem, Inc. d/b/a Inteliquent (NASDAQ: IQNT), a leading provider of voice interconnection services, today announced its intention to declare a special dividend of $1.25 per share and to initiate a quarterly dividend of $0.0625 per share of its common stock. Both dividends are expected to be declared and paid within the next three months.
Inteliquent also announced today that it has reached an agreement with Clinton Group, Inc. ("Clinton Group"). Under the agreement, the Company will declare the dividends and appoint, prior to December 31, 2013, at least one new independent director. The investors have agreed, among other things, to withdraw their notice of intent to nominate individuals for election as directors at the 2013 annual meeting and not to take certain actions during a "standstill" period.
"We are delighted to be returning cash to our shareholders promptly after the successful sale of our global data business," said Ed Evans, Chief Executive Officer. "We expect to continue the payment of quarterly dividends and further enhance the value we provide to our shareholders as our business continues to perform well."
"This announcement is an extremely positive one for all Inteliquent shareholders," said Gregory P. Taxin, Managing Director of