KPN believes iBasis legal action an attempt to block tender offer

By Lisa Kerner

Charlotte, N.C., Aug. 13 - KPN BV filed an answer in Delaware Chancery Court against claims made by iBasis, Inc. in its recent lawsuit filed against KPN.

iBasis' lawsuit, according to KPN, is an attempt to block KPN's tender offer for the company.

KPN, with a 56% stake in iBasis, began a cash tender offer for the remaining iBasis shares on July 28.

As previously reported, iBasis' special committee recommended that shareholders reject the offer, which expires on Aug. 24.

KPN also filed counterclaims asking the court invalidate iBasis' poison pill since it violates iBasis' bylaws as well as the terms of the agreement under which KPN originally acquired its interest in the company.

In July iBasis said it adopted a limited-duration stockholder rights plan in response to KPN's offer and upon its special committee's recommendation.

KPN filed an amendment to its tender offer with the Securities and Exchange Commission to correct what KPN calls "false and misleading statements" made by iBasis.

iBasis said in a statement on Thursday that it believes KPN's claims are without merit.

According to iBasis, KPN knows iBasis' shares "are worth significantly more than the $1.55 it has offered."

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.