iBasis Board Committee Responds to Unsolicited Tender Offer

Thu. October 08, 2009; Posted: 10:49 PM

Look up the PowerRating of IBAS and see how it has performed over the past week as well as the current proprietary PowerRating.

Oct 08, 2009 (Close-Up Media via COMTEX) -- IBAS | Quote | Chart | News | PowerRating -- In a release dated October 5, iBasis, noted that Royal KPN issued a press release announcing a revised unsolicited tender offer to acquire all of the outstanding shares of iBasis common stock not owned by KPN and its affiliates at a price of $2.25 per share in cash.

The Special Committee of iBasis' Board of Directors will, in consultation with its independent financial and legal advisors, review and evaluate the revised offer and make a recommendation to iBasis stockholders in due course. iBasis stockholders are urged to consider the Special Committee's recommendation before taking any action with respect to KPN's revised offer.

Jefferies & Company is serving as independent financial advisor and Gibson, Dunn & Crutcher is serving as independent legal counsel to the Special Committee.

Founded in 1996, iBasis is a wholesale carrier of international long distance telephone calls and a provider of retail prepaid calling services and enhanced services for mobile operators. iBasis customers include KPN, KPN Mobile, E-Plus, BASE, TDC and many other large telecommunications carriers such as Verizon, Vodafone, China Mobile, China Unicom, IDT, Qwest, Skype, Telecom Italia, and Telefonica.

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