KPN ups bid for iBasis a final time to $3 per share; offer extended

By Lisa Kerner

Charlotte, N.C., Nov. 23 - KPN BV will make a final increase to its offer for all the iBasis, Inc. outstanding shares it does not own to $3.00 per share under a settlement agreement between the two companies announced on Monday.

The special committee of iBasis' board of directors unanimously approved the agreement and recommends that iBasis stockholders tender their shares in the offer, a KPN news release said.

The companies have also agreed to dismiss their pending litigation, and iBasis agreed to terminate its July 30 stockholder rights plan under the agreement.

KPN, with a 56% stake in iBasis, said its per-share offer price is a 32.7% premium to the closing price of iBasis' stock on Friday.

According to KPN, it will amend its existing tender offer to reflect the $3.00-per-share price and extend the offer to midnight ET on Dec. 8.

As of midnight on Friday, approximately 491,707 shares had been tendered in and not withdrawn from the tender offer, the KPN news release said.

KPN, an Amsterdam telecommunications company, began its original $2.25-per-share offer for iBasis in July.

iBasis is a voice carrier and wholesale provider of voice, mobile data and prepaid calling products and services. It is based in Burlington, Mass.

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