iBasis' special committee of directors to consider KPN's tender offer

By Lisa Kerner

Charlotte, N.C., July 21 - iBasis, Inc.'s board of directors has formed a special committee of three independent directors to evaluate Royal KPN NV's unsolicited tender offer announced on July 13.

Jefferies & Co., Inc. will assist the special committee, according to an iBasis news release.

KPN, with a 56% stake in iBasis, plans to launch a tender offer to acquire all outstanding common shares of iBasis not already owned by KPN and its subsidiaries for $1.55 per share in cash, or a total of about $48.2 million, iBasis said.

As previously reported, KPN will make the offer directly to iBasis shareholders and said it has no interest in selling its controlling interest in iBasis or in any other strategic transaction.

KPN is a telecommunications company based in Amsterdam.

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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