iBasis special committee to make recommendation on KPN offer

By Lisa Kerner

Charlotte, N.C., July 28 - The special committee of iBasis, Inc.'s board of directors urged the company's shareholders to refrain from taking any action regarding Royal KPN NV's tender offer for iBasis shares that began on Tuesday.

iBasis said the special committee will make a recommendation on the $1.55-per-share offer within 10 business days.

KPN, a telecommunications company based in Amsterdam, owns approximately 56% of iBasis' outstanding common stock.

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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